These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
(State or other jurisdiction of incorporation or organization) |
41-0747868
(I.R.S. Employer Identification Number) |
Large accelerated filer þ | Accelerated filer o |
Non-accelerated filer
o
(Do not check if a smaller reporting company) |
Smaller reporting company o |
ITEM 1 | — FINANCIAL STATEMENTS |
For the Quarter Ended March 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except per common share data) | ||||||||
REVENUES AND OTHER:
|
||||||||
Oil and gas production revenues
|
$ | 2,693,625 | $ | 1,603,614 | ||||
Other
|
(20,374 | ) | 30,211 | |||||
|
||||||||
|
||||||||
|
2,673,251 | 1,633,825 | ||||||
|
||||||||
|
||||||||
OPERATING EXPENSES:
|
||||||||
Depreciation, depletion and amortization
|
||||||||
Recurring
|
638,498 | 580,617 | ||||||
Additional
|
— | 2,818,161 | ||||||
Asset retirement obligation accretion
|
24,002 | 26,738 | ||||||
Lease operating expenses
|
440,246 | 397,489 | ||||||
Gathering and transportation
|
40,365 | 33,339 | ||||||
Taxes other than income
|
176,938 | 87,339 | ||||||
General and administrative
|
87,150 | 85,046 | ||||||
Financing costs, net
|
59,267 | 58,587 | ||||||
|
||||||||
|
||||||||
|
1,466,466 | 4,087,316 | ||||||
|
||||||||
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,206,785 | (2,453,491 | ) | |||||
Current income tax provision
|
342,974 | 2,494 | ||||||
Deferred income tax provision (benefit)
|
158,830 | (699,045 | ) | |||||
|
||||||||
|
||||||||
NET INCOME (LOSS)
|
704,981 | (1,756,940 | ) | |||||
Preferred stock dividends
|
— | 1,420 | ||||||
|
||||||||
|
||||||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
$ | 704,981 | $ | (1,758,360 | ) | |||
|
||||||||
|
||||||||
NET INCOME (LOSS) PER COMMON SHARE:
|
||||||||
Basic
|
$ | 2.09 | $ | (5.25 | ) | |||
|
||||||||
Diluted
|
$ | 2.08 | $ | (5.25 | ) | |||
|
1
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$ | 704,981 | $ | (1,756,940 | ) | |||
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
|
||||||||
Depreciation, depletion and amortization
|
638,498 | 3,398,778 | ||||||
Asset retirement obligation accretion
|
24,002 | 26,738 | ||||||
Provision for (benefit from) deferred income taxes
|
158,830 | (699,045 | ) | |||||
Other
|
41,569 | 13,528 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
(268,852 | ) | 69,138 | |||||
Inventories
|
(7,884 | ) | 6,522 | |||||
Drilling advances
|
4,376 | (16,095 | ) | |||||
Deferred charges and other
|
3,392 | 44,394 | ||||||
Accounts payable
|
116,378 | (161,200 | ) | |||||
Accrued expenses
|
(274,086 | ) | (341,717 | ) | ||||
Deferred credits and noncurrent liabilities
|
12,225 | (40,885 | ) | |||||
|
||||||||
|
||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
1,153,429 | 543,216 | ||||||
|
||||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Additions to oil and gas property
|
(958,759 | ) | (946,352 | ) | ||||
Additions to gas gathering, transmission and processing facilities
|
(115,302 | ) | (112,839 | ) | ||||
Restricted cash
|
— | 13,880 | ||||||
Other
|
26,311 | (36,480 | ) | |||||
|
||||||||
|
||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(1,047,750 | ) | (1,081,791 | ) | ||||
|
||||||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Commercial paper, credit facility and bank notes, net
|
(3,327 | ) | 92,563 | |||||
Payments on fixed-rate notes
|
— | (100,000 | ) | |||||
Dividends paid
|
(50,481 | ) | (51,633 | ) | ||||
Common stock activity
|
11,170 | 245 | ||||||
Treasury stock activity, net
|
1,222 | 1,755 | ||||||
Cost of debt and equity transactions
|
(228 | ) | (72 | ) | ||||
Other
|
13,482 | 3,960 | ||||||
|
||||||||
|
||||||||
NET CASH USED IN FINANCING ACTIVITIES
|
(28,162 | ) | (53,182 | ) | ||||
|
||||||||
|
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
77,517 | (591,757 | ) | |||||
|
||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
2,048,117 | 1,181,450 | ||||||
|
||||||||
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 2,125,634 | $ | 589,693 | ||||
|
||||||||
|
||||||||
SUPPLEMENTARY CASH FLOW DATA:
|
||||||||
Interest paid, net of capitalized interest
|
$ | 74,186 | $ | 77,468 | ||||
Income taxes paid, net of refunds
|
292,926 | (19,615 | ) |
2
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
ASSETS
|
||||||||
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 2,125,634 | $ | 2,048,117 | ||||
Receivables, net of allowance
|
1,818,139 | 1,545,699 | ||||||
Inventories
|
497,749 | 533,251 | ||||||
Drilling advances
|
224,492 | 230,733 | ||||||
Prepaid taxes
|
130,119 | 146,653 | ||||||
Prepaid assets and other
|
242,122 | 81,396 | ||||||
|
||||||||
|
||||||||
|
5,038,255 | 4,585,849 | ||||||
|
||||||||
|
||||||||
PROPERTY AND EQUIPMENT:
|
||||||||
Oil and gas, on the basis of full-cost accounting:
|
||||||||
Proved properties
|
45,106,536 | 44,267,037 | ||||||
Unproved properties and properties under
development, not being amortized
|
1,654,341 | 1,479,008 | ||||||
Gas gathering, transmission and processing facilities
|
3,304,479 | 3,189,177 | ||||||
Other
|
504,480 | 492,511 | ||||||
|
||||||||
|
||||||||
|
50,569,836 | 49,427,733 | ||||||
Less: Accumulated depreciation, depletion and amortization
|
(27,164,979 | ) | (26,527,118 | ) | ||||
|
||||||||
|
||||||||
|
23,404,857 | 22,900,615 | ||||||
|
||||||||
OTHER ASSETS:
|
||||||||
Goodwill, net
|
189,252 | 189,252 | ||||||
Deferred charges and other
|
595,797 | 510,027 | ||||||
|
||||||||
|
||||||||
|
$ | 29,228,161 | $ | 28,185,743 | ||||
|
3
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 536,613 | $ | 396,564 | ||||
Accrued operating expense
|
86,990 | 90,151 | ||||||
Accrued exploration and development
|
929,233 | 923,084 | ||||||
Accrued compensation and benefits
|
92,062 | 151,408 | ||||||
Current debt
|
113,634 | 117,326 | ||||||
Asset retirement obligation
|
138,879 | 146,654 | ||||||
Other
|
343,315 | 567,371 | ||||||
|
||||||||
|
||||||||
|
2,240,726 | 2,392,558 | ||||||
|
||||||||
|
||||||||
LONG-TERM DEBT
|
4,950,755 | 4,950,390 | ||||||
|
||||||||
|
||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
|
||||||||
Income taxes
|
3,015,580 | 2,764,901 | ||||||
Asset retirement obligation
|
1,652,137 | 1,637,357 | ||||||
Other
|
610,427 | 661,916 | ||||||
|
||||||||
|
||||||||
|
5,278,144 | 5,064,174 | ||||||
|
||||||||
|
||||||||
COMMITMENTS AND CONTINGENCIES (Note 9)
|
||||||||
|
||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Common stock, $0.625 par, 430,000,000 shares authorized,
344,722,767 and 344,076,790 shares issued, respectively
|
215,452 | 215,048 | ||||||
Paid-in capital
|
4,708,010 | 4,634,326 | ||||||
Retained earnings
|
12,091,022 | 11,436,580 | ||||||
Treasury stock, at cost, 7,595,503 and 7,639,818 shares,
respectively
|
(215,574 | ) | (216,831 | ) | ||||
Accumulated other comprehensive income (loss)
|
(40,374 | ) | (290,502 | ) | ||||
|
||||||||
|
||||||||
|
16,758,536 | 15,778,621 | ||||||
|
||||||||
|
||||||||
|
$ | 29,228,161 | $ | 28,185,743 | ||||
|
4
Accumulated | |||||||||||||||||||||||||||||||||
Series B | Other | Total | |||||||||||||||||||||||||||||||
Comprehensive | Preferred | Common | Paid-In | Retained | Treasury | Comprehensive | Shareholders’ | ||||||||||||||||||||||||||
Income (Loss) | Stock | Stock | Capital | Earnings | Stock | Income (Loss) | Equity | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2008
|
$ | 98,387 | $ | 214,221 | $ | 4,472,826 | $ | 11,929,827 | $ | (228,304 | ) | $ | 21,764 | $ | 16,508,721 | ||||||||||||||||||
Comprehensive income (loss):
|
|||||||||||||||||||||||||||||||||
Net income (loss)
|
$ | (1,756,940 | ) | — | — | — | (1,756,940 | ) | — | — | (1,756,940 | ) | |||||||||||||||||||||
Commodity hedges, net of income tax
expense of $5,073
|
15,251 | — | — | — | — | — | 15,251 | 15,251 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Comprehensive income (loss)
|
$ | (1,741,689 | ) | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Dividends:
|
|||||||||||||||||||||||||||||||||
Preferred
|
— | — | — | (1,420 | ) | — | — | (1,420 | ) | ||||||||||||||||||||||||
Common ($.15 per share)
|
— | — | — | (50,221 | ) | — | — | (50,221 | ) | ||||||||||||||||||||||||
Common shares issued
|
— | 245 | (836 | ) | — | — | — | (591 | ) | ||||||||||||||||||||||||
Treasury shares issued, net
|
— | — | (1,574 | ) | — | 2,374 | — | 800 | |||||||||||||||||||||||||
Compensation expense
|
— | — | 26,486 | — | — | — | 26,486 | ||||||||||||||||||||||||||
Other
|
— | — | (936 | ) | — | — | — | (936 | ) | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2009
|
$ | 98,387 | $ | 214,466 | $ | 4,495,966 | $ | 10,121,246 | $ | (225,930 | ) | $ | 37,015 | $ | 14,741,150 | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2009
|
$ | — | $ | 215,048 | $ | 4,634,326 | $ | 11,436,580 | $ | (216,831 | ) | $ | (290,502 | ) | $ | 15,778,621 | |||||||||||||||||
Comprehensive income (loss):
|
|||||||||||||||||||||||||||||||||
Net income (loss)
|
$ | 704,981 | — | — | — | 704,981 | — | — | 704,981 | ||||||||||||||||||||||||
Commodity hedges, net of income tax
expense of $110,536
|
250,128 | — | — | — | — | — | 250,128 | 250,128 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Comprehensive income (loss)
|
$ | 955,109 | |||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Common stock dividends ($.15 per share)
|
— | — | — | (50,539 | ) | — | — | (50,539 | ) | ||||||||||||||||||||||||
Common shares issued
|
— | 404 | 11,519 | — | — | — | 11,923 | ||||||||||||||||||||||||||
Treasury shares issued, net
|
— | — | 888 | — | 1,257 | — | 2,145 | ||||||||||||||||||||||||||
Compensation expense
|
— | — | 61,127 | — | — | — | 61,127 | ||||||||||||||||||||||||||
Other
|
— | — | 150 | — | — | — | 150 | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2010
|
$ | — | $ | 215,452 | $ | 4,708,010 | $ | 12,091,022 | $ | (215,574 | ) | $ | (40,374 | ) | $ | 16,758,536 | |||||||||||||||||
|
5
6
7
8
Fixed-Price Swaps | Collars | |||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Production | Average | Average | Average | |||||||||||||||||
Period | Mbbls | Fixed Price (1) | Mbbls | Floor Price (1) | Ceiling Price (1) | |||||||||||||||
2010
(2)
|
2,113 | $ | 69.31 | 7,884 | $ | 66.14 | $ | 82.44 | ||||||||||||
2011
(2)
|
3,650 | 70.12 | 7,297 | 67.55 | 88.19 | |||||||||||||||
2012
(2)
|
3,292 | 70.99 | 3,469 | 68.42 | 91.02 | |||||||||||||||
2013
(2)
|
1,451 | 72.01 | 546 | 75.00 | 98.20 | |||||||||||||||
2014
|
76 | 74.50 | — | — | — |
(1) | Crude oil prices represent a weighted average of several contracts entered into on a per barrel basis. Crude oil contracts are primarily settled against NYMEX WTI Cushing Index. | |
(2) | Subsequent to March 31, 2010, Apache entered into crude oil hedges for our 2010 through the 2013 production period totaling 5,298 thousand barrels (Mbbls). After consideration of these hedges, the weighted average floor and ceiling prices for our 2010 to 2013 production period positions are $66.29/$82.79, $69.09/$90.12, $72.17/$95.34, and $78.02/$103.06 per barrel, respectively. |
Fixed-Price Swaps | Collars | |||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||
Production | MMBtu | GJ | Average | MMBtu | GJ | Average | Average | |||||||||||||||||||||
Period | (in 000’s) | (in 000’s) | Fixed Price (1) | (in 000’s) | (in 000’s) | Floor Price (1) | Ceiling Price (1) | |||||||||||||||||||||
2010
(2)
|
65,095 | — | $ | 5.75 | 22,000 | — | $ | 5.41 | $ | 6.91 | ||||||||||||||||||
2010
|
— | 41,250 | C$ | 5.37 | — | — | — | — | ||||||||||||||||||||
2011
(2)
|
42,888 | — | $ | 6.19 | 9,125 | — | 5.00 | 8.85 | ||||||||||||||||||||
2011
|
— | 51,100 | C$ | 6.26 | — | 3,650 | C$ | 6.50 | C$ | 7.10 | ||||||||||||||||||
2012
(2)
|
19,215 | — | $ | 6.51 | 18,300 | — | $ | 5.55 | $ | 7.49 | ||||||||||||||||||
2012
|
— | 43,920 | C$ | 6.61 | — | 7,320 | C$ | 6.50 | C$ | 7.27 | ||||||||||||||||||
2013
(2)
|
1,825 | — | $ | 7.05 | 4,095 | — | $ | 5.25 | $ | 6.60 | ||||||||||||||||||
2014
|
755 | — | 7.23 | — | — | — | — |
(1) | U.S. natural gas prices represent a weighted average of several contracts entered into on a per million British thermal units (MMBtu) basis and are settled primarily against NYMEX Henry Hub and various Inside FERC indices. The Canadian natural gas prices represent a weighted average of AECO Index prices and are shown in Canadian dollars. The Canadian gas contracts are entered into on a per gigajoule (GJ) basis and are settled against AECO Index. | |
(2) | Subsequent to March 31, 2010, Apache entered into natural gas hedges totaling 10,960 MMBtu (in 000’s). After consideration of these hedges, the weighted average fixed price for our 2010 and 2011 production periods are $5.74 and $6.13 per MMBtu, respectively. Weighted average floor and ceiling prices for our 2012 and 2013 production periods are $5.54/$7.30 and $5.35/$6.67 per MMBtu, respectively. |
Weighted | ||||||||
MMBtu | Average | |||||||
Production Period | (in 000’s) | Price Differential (1) | ||||||
2010
|
31,625 | $ | (0.54 | ) | ||||
2011
|
18,250 | $ | (0.30 | ) | ||||
2012
|
10,980 | $ | (0.36 | ) |
(1) | Natural gas financial basis swap contracts represent a weighted average differential between prices primarily against Inside FERC PEPL and NYMEX Henry Hub prices. |
9
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Current Assets: Prepaid assets and other
|
$ | 168 | $ | 13 | ||||
Other Assets: Deferred charges and other
|
144 | 51 | ||||||
|
||||||||
Total Assets
|
$ | 312 | $ | 64 | ||||
|
||||||||
|
||||||||
Current Liabilities: Other
|
$ | 80 | $ | 128 | ||||
Noncurrent Liabilities: Other
|
136 | 202 | ||||||
|
||||||||
Total Liabilities
|
$ | 216 | $ | 330 | ||||
|
For the Quarter Ended | ||||||||||
Gain (Loss) on Derivatives | March 31, | |||||||||
Recognized In Income | 2010 | 2009 | ||||||||
(In millions) | ||||||||||
Gain (loss)
reclassified from
accumulated other
comprehensive
income (loss) into
operations
(effective portion)
|
Oil and Gas Production Revenues | $ | (3 | ) | $ | 56 | ||||
Gain (loss) on
derivatives
recognized in
operations
(ineffective
portion and basis)
|
Revenues and Other: Other | $ | 1 | $ | (3 | ) |
For the Quarter Ended March 31, | ||||||||||||||||
2010 | 2009 | |||||||||||||||
Before
tax |
After
tax |
Before
tax |
After
tax |
|||||||||||||
(In millions) | ||||||||||||||||
Unrealized gain (loss) on derivatives at beginning of period
|
$ | (267 | ) | $ | (170 | ) | $ | 212 | $ | 138 | ||||||
Realized amounts reclassified into earnings
|
3 | 2 | (56 | ) | (37 | ) | ||||||||||
Net change in derivative fair value
|
359 | 249 | 73 | 51 | ||||||||||||
Ineffectiveness and basis swaps reclassified into
earnings
|
(1 | ) | (1 | ) | 3 | 1 | ||||||||||
|
||||||||||||||||
|
||||||||||||||||
Unrealized gain (loss) on derivatives at end of period
|
$ | 94 | $ | 80 | $ | 232 | $ | 153 | ||||||||
|
10
(In thousands) | ||||
Asset retirement obligation at December 31, 2009
|
$ | 1,784,011 | ||
Liabilities incurred
|
22,234 | |||
Liabilities settled
|
(39,231 | ) | ||
Accretion expense
|
24,002 | |||
|
||||
|
||||
Asset retirement obligation at March 31, 2010
|
1,791,016 | |||
|
||||
Less current portion
|
(138,879 | ) | ||
|
||||
Asset retirement obligation, long-term
|
$ | 1,652,137 | ||
|
11
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Interest expense
|
$ | 76,460 | $ | 78,914 | ||||
Amortization of deferred loan costs
|
1,388 | 1,408 | ||||||
Capitalized interest
|
(17,055 | ) | (16,009 | ) | ||||
Interest income
|
(1,526 | ) | (5,726 | ) | ||||
|
||||||||
Financing costs, net
|
$ | 59,267 | $ | 58,587 | ||||
|
12
For the Quarter Ended March 31, | ||||||||||||||||||||||||
2010 | 2009 | |||||||||||||||||||||||
Income | Shares | Per Share | Loss | Shares | Per Share | |||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||
Basic:
|
||||||||||||||||||||||||
Income (loss) attributable to
common stock
|
$ | 704,981 | 336,924 | $ | 2.09 | $ | (1,758,360 | ) | 335,104 | $ | (5.25 | ) | ||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Effect of Dilutive Securities:
|
||||||||||||||||||||||||
Stock options and other
|
— | 2,211 | — | — | ||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Diluted:
|
||||||||||||||||||||||||
Income (loss) attributable to
common stock,
including assumed conversions
|
$ | 704,981 | 339,135 | $ | 2.08 | $ | (1,758,360 | ) | 335,104 | $ | (5.25 | ) | ||||||||||||
|
• | On May 7, 2008, the Stock Option Plan Committee of the Company’s Board of Directors, pursuant to the Company’s 2007 Omnibus Equity Compensation Plan, approved the 2008 Share Appreciation Program, with a target to increase Apache’s share price to $216 by the end of 2012 and an interim goal of $162 to be achieved by the end of 2010. Any awards under the plan would be payable in five equal annual installments. As of March 31, 2010, neither share price threshold had been met. | ||
• | On May 5, 2005, the Company’s stockholders approved the 2005 Share Appreciation Plan, with a target to increase Apache’s share price to $108 by the end of 2008 and an interim goal of $81 to be achieved by the end of 2007. Awards under the plan are payable in four equal annual installments to eligible employees remaining with the Company. Apache’s share price exceeded the interim $81 threshold for the 10-day requirement as of June 14, 2007. The final installment will be awarded in June 2010. Apache’s share price exceeded the $108 threshold for the 10-day requirement as of February 29, 2008. The third installment was awarded in March 2010. |
13
14
15
Fair Value Measurements Using | ||||||||||||||||||||||||
Quoted | ||||||||||||||||||||||||
Price in | Significant | Significant | ||||||||||||||||||||||
Active | Other | Unobservable | Total | |||||||||||||||||||||
Markets | Inputs | Inputs | Fair | Carrying | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | Netting (1) | Amount | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
March 31, 2010
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
$ | — | $ | 402 | $ | — | $ | 402 | $ | (90 | ) | $ | 312 | |||||||||||
|
||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
— | 306 | — | 306 | (90 | ) | 216 | |||||||||||||||||
|
||||||||||||||||||||||||
December 31, 2009
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
$ | — | $ | 75 | $ | — | $ | 75 | $ | (11 | ) | $ | 64 | |||||||||||
|
||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
— | 341 | — | 341 | (11 | ) | 330 |
(1) | The derivative fair values above are based on analysis of each contract as required by ASC Topic 820. Derivative assets and liabilities with the same counterparty are presented here on a gross basis, even where the legal right of offset exists. See Note 4 — Derivative Instruments and Hedging Activities of this Form 10-Q for a discussion of net amounts recorded on the consolidated balance sheet at March 31, 2010 and December 31, 2009. |
16
March 31, 2010 | December 31, 2009 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(In millions) | ||||||||||||||||
Total Debt, Net of Unamortized Discount
|
$ | 5,064 | $ | 5,593 | $ | 5,067 | $ | 5,635 |
United | U.K. | Other | ||||||||||||||||||||||||||||||
States | Canada | Egypt | Australia | North Sea | Argentina | International | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
For the Quarter Ended
March 31, 2010
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 992,323 | $ | 252,729 | $ | 741,092 | $ | 224,139 | $ | 391,256 | $ | 92,086 | $ | — | $ | 2,693,625 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income (Loss) (1)
|
$ | 511,464 | $ | 95,172 | $ | 492,792 | $ | 100,446 | $ | 148,725 | $ | 24,977 | $ | — | $ | 1,373,576 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
(20,374 | ) | ||||||||||||||||||||||||||||||
General and administrative
|
(87,150 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(59,267 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes
|
$ | 1,206,785 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Assets
|
$ | 11,942,559 | $ | 4,115,494 | $ | 5,808,799 | $ | 3,515,452 | $ | 2,335,120 | $ | 1,458,878 | $ | 51,859 | $ | 29,228,161 | ||||||||||||||||
For the Quarter Ended
March 31, 2009
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 595,858 | $ | 209,919 | $ | 420,228 | $ | 42,835 | $ | 242,772 | $ | 92,002 | $ | — | $ | 1,603,614 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income (Loss) (1)
|
$ | (1,099,536 | ) | $ | (1,557,966 | ) | $ | 222,760 | $ | (12,590 | ) | $ | 87,654 | $ | 19,609 | $ | — | $ | (2,340,069 | ) | ||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
30,211 | |||||||||||||||||||||||||||||||
General and administrative
|
(85,046 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(58,587 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes
|
$ | (2,453,491 | ) | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Assets
|
$ | 10,736,063 | $ | 4,371,379 | $ | 4,911,875 | $ | 2,873,315 | $ | 1,891,196 | $ | 1,469,539 | $ | 39,437 | $ | 26,292,804 | ||||||||||||||||
(1) | Operating Income (Loss) consists of oil and gas production revenues less depreciation, depletion and amortization, asset retirement obligation accretion, lease operating expenses, gathering and transportation costs, and taxes other than income. The U.S. and Canada operating losses for the first quarter of 2009 include additional depletion of $1.2 billion and $1.6 billion, respectively, to write-down the carrying value of oil and gas properties. |
17
18
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 898,212 | $ | — | $ | 1,795,413 | $ | — | $ | 2,693,625 | ||||||||||
Equity in net income (loss) of affiliates
|
458,414 | 24,019 | (5,680 | ) | (476,753 | ) | — | |||||||||||||
Other
|
1,008 | 14,605 | (34,951 | ) | (1,036 | ) | (20,374 | ) | ||||||||||||
|
||||||||||||||||||||
|
1,357,634 | 38,624 | 1,754,782 | (477,789 | ) | 2,673,251 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization
|
216,764 | — | 421,734 | — | 638,498 | |||||||||||||||
Asset retirement obligation accretion
|
11,969 | — | 12,033 | — | 24,002 | |||||||||||||||
Lease operating expenses
|
168,323 | — | 271,923 | — | 440,246 | |||||||||||||||
Gathering and transportation
|
10,408 | — | 29,957 | — | 40,365 | |||||||||||||||
Taxes other than income
|
36,314 | — | 140,624 | — | 176,938 | |||||||||||||||
General and administrative
|
72,466 | — | 15,720 | (1,036 | ) | 87,150 | ||||||||||||||
Financing costs, net
|
52,555 | 14,120 | (7,408 | ) | — | 59,267 | ||||||||||||||
|
||||||||||||||||||||
|
568,799 | 14,120 | 884,583 | (1,036 | ) | 1,466,466 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
788,835 | 24,504 | 870,199 | (476,753 | ) | 1,206,785 | ||||||||||||||
Provision (benefit) for income taxes
|
83,854 | 6,165 | 411,785 | — | 501,804 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
$ | 704,981 | $ | 18,339 | $ | 458,414 | $ | (476,753 | ) | $ | 704,981 | |||||||||
|
19
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 544,730 | $ | — | $ | 1,058,884 | $ | — | $ | 1,603,614 | ||||||||||
Equity in net income (loss) of affiliates
|
(945,743 | ) | (542,336 | ) | 137,312 | 1,350,767 | — | |||||||||||||
Other
|
1,576 | 14,684 | 14,949 | (998 | ) | 30,211 | ||||||||||||||
|
||||||||||||||||||||
|
(399,437 | ) | (527,652 | ) | 1,211,145 | 1,349,769 | 1,633,825 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization
|
1,441,489 | — | 1,957,289 | — | 3,398,778 | |||||||||||||||
Asset retirement obligation accretion
|
16,309 | — | 10,429 | — | 26,738 | |||||||||||||||
Lease operating expenses
|
173,168 | — | 224,321 | — | 397,489 | |||||||||||||||
Gathering and transportation
|
8,479 | — | 24,860 | — | 33,339 | |||||||||||||||
Taxes other than income
|
21,427 | — | 65,912 | — | 87,339 | |||||||||||||||
General and administrative
|
72,891 | — | 13,153 | (998 | ) | 85,046 | ||||||||||||||
Financing costs, net
|
53,452 | 14,113 | (8,978 | ) | — | 58,587 | ||||||||||||||
|
||||||||||||||||||||
|
1,787,215 | 14,113 | 2,286,986 | (998 | ) | 4,087,316 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(2,186,652 | ) | (541,765 | ) | (1,075,841 | ) | 1,350,767 | (2,453,491 | ) | |||||||||||
Provision (benefit) for income taxes
|
(429,712 | ) | (136,741 | ) | (130,098 | ) | — | (696,551 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCOME (LOSS)
|
(1,756,940 | ) | (405,024 | ) | (945,743 | ) | 1,350,767 | (1,756,940 | ) | |||||||||||
Preferred stock dividends
|
1,420 | — | — | — | 1,420 | |||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
$ | (1,758,360 | ) | $ | (405,024 | ) | $ | (945,743 | ) | $ | 1,350,767 | $ | (1,758,360 | ) | ||||||
|
20
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
|
$ | 598,599 | $ | (9,656 | ) | $ | 564,486 | $ | — | $ | 1,153,429 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Additions to oil and gas property
|
(239,418 | ) | — | (719,341 | ) | — | (958,759 | ) | ||||||||||||
Additions to gas gathering, transmission and
processing facilities
|
— | — | (115,302 | ) | — | (115,302 | ) | |||||||||||||
Investment in subsidiaries, net
|
(20,330 | ) | — | — | 20,330 | — | ||||||||||||||
Other
|
(29,370 | ) | — | 55,681 | — | 26,311 | ||||||||||||||
|
||||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(289,118 | ) | — | (778,962 | ) | 20,330 | (1,047,750 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Commercial paper, credit facility and bank notes, net
|
345 | 1,819 | 13,047 | (18,538 | ) | (3,327 | ) | |||||||||||||
Dividends paid
|
(50,481 | ) | — | — | — | (50,481 | ) | |||||||||||||
Common stock activity
|
11,170 | 5,743 | (3,951 | ) | (1,792 | ) | 11,170 | |||||||||||||
Treasury stock activity, net
|
1,222 | — | — | — | 1,222 | |||||||||||||||
Cost of debt and equity transactions
|
(228 | ) | — | — | — | (228 | ) | |||||||||||||
Other
|
13,482 | — | — | — | 13,482 | |||||||||||||||
|
||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES
|
(24,490 | ) | 7,562 | 9,096 | (20,330 | ) | (28,162 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
|
284,991 | (2,094 | ) | (205,380 | ) | — | 77,517 | |||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR
|
646,728 | 2,097 | 1,399,292 | — | 2,048,117 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT
END OF PERIOD
|
$ | 931,719 | $ | 3 | $ | 1,193,912 | $ | — | $ | 2,125,634 | ||||||||||
|
21
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
|
$ | 228,835 | $ | (1,709 | ) | $ | 316,090 | $ | — | $ | 543,216 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Additions to oil and gas property
|
(354,241 | ) | — | (592,111 | ) | — | (946,352 | ) | ||||||||||||
Additions to gas gathering, transmission
and processing facilities
|
— | — | (112,839 | ) | — | (112,839 | ) | |||||||||||||
Restricted cash for acquisition settlement
|
13,880 | — | — | — | 13,880 | |||||||||||||||
Investment in subsidiaries, net
|
136,340 | — | — | (136,340 | ) | — | ||||||||||||||
Other, net
|
(24,414 | ) | — | (12,066 | ) | — | (36,480 | ) | ||||||||||||
|
||||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(228,435 | ) | — | (717,016 | ) | (136,340 | ) | (1,081,791 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Debt borrowings
|
324 | (3 | ) | (44,196 | ) | 136,438 | 92,563 | |||||||||||||
Payments on debt
|
— | — | (100,000 | ) | — | (100,000 | ) | |||||||||||||
Dividends paid
|
(51,633 | ) | — | — | — | (51,633 | ) | |||||||||||||
Common stock activity
|
245 | — | 98 | (98 | ) | 245 | ||||||||||||||
Treasury stock activity, net
|
1,755 | — | — | — | 1,755 | |||||||||||||||
Cost of debt and equity transactions
|
(72 | ) | — | — | — | (72 | ) | |||||||||||||
Other
|
3,961 | — | (1 | ) | — | 3,960 | ||||||||||||||
|
||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES
|
(45,420 | ) | (3 | ) | (144,099 | ) | 136,340 | (53,182 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
|
(45,020 | ) | (1,712 | ) | (545,025 | ) | — | (591,757 | ) | |||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR
|
142,026 | 1,714 | 1,037,710 | — | 1,181,450 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT
END OF PERIOD
|
$ | 97,006 | $ | 2 | $ | 492,685 | $ | — | $ | 589,693 | ||||||||||
|
22
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
|
||||||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 931,719 | $ | 3 | $ | 1,193,912 | $ | — | $ | 2,125,634 | ||||||||||
Receivables, net of allowance
|
575,359 | — | 1,242,780 | — | 1,818,139 | |||||||||||||||
Inventories
|
47,860 | — | 449,889 | — | 497,749 | |||||||||||||||
Drilling advances
|
8,525 | 1,574 | 214,393 | — | 224,492 | |||||||||||||||
Prepaid taxes
|
94,880 | — | 35,239 | — | 130,119 | |||||||||||||||
Prepaid assets and other
|
(116,097 | ) | — | 358,219 | — | 242,122 | ||||||||||||||
|
||||||||||||||||||||
|
1,542,246 | 1,577 | 3,494,432 | — | 5,038,255 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET
|
9,249,592 | — | 14,155,265 | — | 23,404,857 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OTHER ASSETS:
|
||||||||||||||||||||
Intercompany receivable, net
|
1,857,766 | — | (357,913 | ) | (1,499,853 | ) | — | |||||||||||||
Equity in affiliates
|
11,831,457 | 1,088,255 | 88,518 | (13,008,230 | ) | — | ||||||||||||||
Goodwill, net
|
— | — | 189,252 | — | 189,252 | |||||||||||||||
Deferred charges and other
|
146,734 | 1,002,957 | 446,106 | (1,000,000 | ) | 595,797 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 24,627,795 | $ | 2,092,789 | $ | 18,015,660 | $ | (15,508,083 | ) | $ | 29,228,161 | |||||||||
|
||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’
EQUITY
|
||||||||||||||||||||
|
||||||||||||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable
|
$ | 306,446 | $ | 1,710 | $ | 1,728,310 | $ | (1,499,853 | ) | $ | 536,613 | |||||||||
Accrued exploration and development
|
245,981 | — | 683,252 | — | 929,233 | |||||||||||||||
Current debt
|
— | — | 113,634 | — | 113,634 | |||||||||||||||
Asset retirement obligation
|
138,879 | — | — | — | 138,879 | |||||||||||||||
Other accrued expenses
|
255,134 | 12,523 | 254,710 | — | 522,367 | |||||||||||||||
|
||||||||||||||||||||
|
946,440 | 14,233 | 2,779,906 | (1,499,853 | ) | 2,240,726 | ||||||||||||||
|
||||||||||||||||||||
LONG-TERM DEBT
|
4,062,684 | 647,173 | 240,898 | — | 4,950,755 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
DEFERRED CREDITS AND OTHER
NONCURRENT LIABILITIES:
|
||||||||||||||||||||
Income taxes
|
1,384,225 | 4,610 | 1,626,745 | — | 3,015,580 | |||||||||||||||
Asset retirement obligation
|
831,557 | — | 820,580 | — | 1,652,137 | |||||||||||||||
Other
|
644,353 | 250,000 | 716,074 | (1,000,000 | ) | 610,427 | ||||||||||||||
|
||||||||||||||||||||
|
2,860,135 | 254,610 | 3,163,399 | (1,000,000 | ) | 5,278,144 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
SHAREHOLDERS’ EQUITY
|
16,758,536 | 1,176,773 | 11,831,457 | (13,008,230 | ) | 16,758,536 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 24,627,795 | $ | 2,092,789 | $ | 18,015,660 | $ | (15,508,083 | ) | $ | 29,228,161 | |||||||||
|
23
All Other | ||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Apache | Apache | of Apache | Reclassifications | |||||||||||||||||
Corporation | Finance Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 646,728 | $ | 2,097 | $ | 1,399,292 | $ | — | $ | 2,048,117 | ||||||||||
Receivables, net of allowance
|
574,427 | — | 971,272 | — | 1,545,699 | |||||||||||||||
Inventories
|
50,946 | — | 482,305 | — | 533,251 | |||||||||||||||
Drilling advances
|
13,103 | 1,095 | 216,535 | — | 230,733 | |||||||||||||||
Prepaid taxes
|
142,675 | — | 3,978 | — | 146,653 | |||||||||||||||
Prepaid assets and other
|
(158,358 | ) | — | 239,754 | — | 81,396 | ||||||||||||||
|
||||||||||||||||||||
|
1,269,521 | 3,192 | 3,313,136 | — | 4,585,849 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET
|
9,163,228 | — | 13,737,387 | — | 22,900,615 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OTHER ASSETS:
|
||||||||||||||||||||
Intercompany receivable, net
|
1,839,229 | — | (348,352 | ) | (1,490,877 | ) | — | |||||||||||||
Equity in affiliates
|
11,243,366 | 980,709 | 98,615 | (12,322,690 | ) | — | ||||||||||||||
Goodwill, net
|
— | — | 189,252 | — | 189,252 | |||||||||||||||
Deferred charges and other
|
133,556 | 1,003,037 | 373,434 | (1,000,000 | ) | 510,027 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 23,648,900 | $ | 1,986,938 | $ | 17,363,472 | $ | (14,813,567 | ) | $ | 28,185,743 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’
EQUITY
|
||||||||||||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable
|
$ | 258,363 | $ | (88 | ) | $ | 1,629,166 | $ | (1,490,877 | ) | $ | 396,564 | ||||||||
Accrued exploration and development
|
246,707 | — | 676,377 | — | 923,084 | |||||||||||||||
Current debt
|
— | — | 117,326 | — | 117,326 | |||||||||||||||
Asset retirement obligation
|
146,654 | — | — | — | 146,654 | |||||||||||||||
Other accrued expenses
|
346,996 | 6,121 | 455,813 | — | 808,930 | |||||||||||||||
|
||||||||||||||||||||
|
998,720 | 6,033 | 2,878,682 | (1,490,877 | ) | 2,392,558 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
LONG-TERM DEBT
|
4,062,339 | 647,152 | 240,899 | — | 4,950,390 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
DEFERRED CREDITS AND OTHER
NONCURRENT LIABILITIES:
|
||||||||||||||||||||
Income taxes
|
1,306,100 | 4,429 | 1,454,372 | — | 2,764,901 | |||||||||||||||
Asset retirement obligation
|
817,507 | — | 819,850 | — | 1,637,357 | |||||||||||||||
Other
|
685,612 | 250,000 | 726,304 | (1,000,000 | ) | 661,916 | ||||||||||||||
|
||||||||||||||||||||
|
2,809,219 | 254,429 | 3,000,526 | (1,000,000 | ) | 5,064,174 | ||||||||||||||
|
||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
SHAREHOLDERS’ EQUITY
|
15,778,622 | 1,079,324 | 11,243,365 | (12,322,690 | ) | 15,778,621 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 23,648,900 | $ | 1,986,938 | $ | 17,363,472 | $ | (14,813,567 | ) | $ | 28,185,743 | |||||||||
|
24
ITEM 2 | — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Average realized oil prices increased 75 percent to $74.55 per barrel, the highest price since the third quarter of 2008; | ||
• | Average realized gas prices increased 20 percent to $4.60 per thousand cubic feet of natural gas (Mcf), the highest price since the fourth quarter of 2008; | ||
• | Production averaged 585,877 barrels of oil equivalent per day (boe/d), seven percent above year-ago levels; and | ||
• | A $1.98 billion non-cash after-tax write-down of the carrying value of proved property in the 2009 quarter. | ||
|
|||
(1) | See Results of Operations — Non-GAAP Measures — Adjusted Earnings for a description of Adjusted Earnings, which is not a U.S. Generally Accepted Accounting Principles (GAAP) measure, and a reconciliation to this measure from Income (Loss) Attributable to Common Stock, which is presented in accordance with GAAP. |
25
26
27
28
29
Revenues For the Quarter Ended March 31, | ||||||||||||||||
2010 | 2009 | |||||||||||||||
% | % | |||||||||||||||
$ Value | Contribution | $ Value | Contribution | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
Total Oil and Gas Revenues:
|
||||||||||||||||
United States
|
$ | 993 | 37 | % | $ | 596 | 37 | % | ||||||||
Canada
|
253 | 9 | % | 210 | 13 | % | ||||||||||
|
||||||||||||||||
North America
|
1,246 | 46 | % | 806 | 50 | % | ||||||||||
|
||||||||||||||||
Egypt
|
741 | 28 | % | 420 | 26 | % | ||||||||||
Australia
|
224 | 8 | % | 43 | 3 | % | ||||||||||
North Sea
|
391 | 15 | % | 243 | 15 | % | ||||||||||
Argentina
|
92 | 3 | % | 92 | 6 | % | ||||||||||
|
||||||||||||||||
International
|
1,448 | 54 | % | 798 | 50 | % | ||||||||||
|
||||||||||||||||
Total
(1)
|
$ | 2,694 | 100 | % | $ | 1,604 | 100 | % | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Oil Revenues:
|
||||||||||||||||
United States
|
$ | 594 | 31 | % | $ | 334 | 33 | % | ||||||||
Canada
|
97 | 5 | % | 56 | 5 | % | ||||||||||
|
||||||||||||||||
North America
|
691 | 36 | % | 390 | 38 | % | ||||||||||
|
||||||||||||||||
Egypt
|
625 | 32 | % | 317 | 31 | % | ||||||||||
Australia
|
183 | 9 | % | 22 | 2 | % | ||||||||||
North Sea
|
387 | 20 | % | 241 | 24 | % | ||||||||||
Argentina
|
51 | 3 | % | 53 | 5 | % | ||||||||||
|
||||||||||||||||
International
|
1,246 | 64 | % | 633 | 62 | % | ||||||||||
|
||||||||||||||||
Total
(2)
|
$ | 1,937 | 100 | % | $ | 1,023 | 100 | % | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Natural Gas Revenues:
|
||||||||||||||||
United States
|
$ | 367 | 52 | % | $ | 252 | 45 | % | ||||||||
Canada
|
149 | 21 | % | 150 | 27 | % | ||||||||||
|
||||||||||||||||
North America
|
516 | 73 | % | 402 | 72 | % | ||||||||||
|
||||||||||||||||
Egypt
|
116 | 16 | % | 103 | 18 | % | ||||||||||
Australia
|
41 | 6 | % | 21 | 4 | % | ||||||||||
North Sea
|
4 | 1 | % | 2 | 0 | % | ||||||||||
Argentina
|
31 | 4 | % | 34 | 6 | % | ||||||||||
|
||||||||||||||||
International
|
192 | 27 | % | 160 | 28 | % | ||||||||||
|
||||||||||||||||
Total
(3)
|
$ | 708 | 100 | % | $ | 562 | 100 | % | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Natural Gas Liquids (NGL)
Revenues:
|
||||||||||||||||
United States
|
$ | 32 | 66 | % | $ | 10 | 53 | % | ||||||||
Canada
|
7 | 14 | % | 4 | 21 | % | ||||||||||
|
||||||||||||||||
North America
|
39 | 80 | % | 14 | 74 | % | ||||||||||
|
||||||||||||||||
Argentina
|
10 | 20 | % | 5 | 26 | % | ||||||||||
|
||||||||||||||||
Total
|
$ | 49 | 100 | % | $ | 19 | 100 | % | ||||||||
|
(1) | Included in oil and gas production revenues for the quarters ended March 31, 2010 and 2009 were a loss of $1.2 million and a gain of $56.1 million, respectively, from financial derivative hedging activities. | |
(2) | Included in oil revenues for the quarters ended March 31, 2010 and 2009 were a loss of $14.5 million and a gain of $38.4 million, respectively, from financial derivative hedging activities. | |
(3) | Included in natural gas revenues for the quarters ended March 31, 2010 and 2009 were a gain of $13.3 million and a gain of $17.7 million, respectively, from financial derivative hedging activities. |
30
Production and Prices For the Quarter Ended March 31, | ||||||||||||
Increase | ||||||||||||
2010 | (Decrease) | 2009 | ||||||||||
Oil Volume — b/d:
|
||||||||||||
United States
|
88,755 | 2 | % | 86,745 | ||||||||
Canada
|
14,330 | (12 | )% | 16,349 | ||||||||
|
||||||||||||
North America
|
103,085 | 0 | % | 103,094 | ||||||||
|
||||||||||||
Egypt
|
90,746 | 9 | % | 83,525 | ||||||||
Australia
|
27,090 | 246 | % | 7,836 | ||||||||
North Sea
|
57,847 | (4 | )% | 60,494 | ||||||||
Argentina
|
9,921 | (20 | )% | 12,438 | ||||||||
|
||||||||||||
International
|
185,604 | 13 | % | 164,293 | ||||||||
|
||||||||||||
Total
(1)
|
288,689 | 8 | % | 267,387 | ||||||||
|
||||||||||||
|
||||||||||||
Natural Gas Volume — Mcf/d:
|
||||||||||||
United States
|
671,819 | 10 | % | 612,678 | ||||||||
Canada
|
313,537 | (12 | )% | 357,215 | ||||||||
|
||||||||||||
North America
|
985,356 | 2 | % | 969,893 | ||||||||
|
||||||||||||
Egypt
|
361,986 | 14 | % | 317,823 | ||||||||
Australia
|
207,294 | 46 | % | 142,039 | ||||||||
North Sea
|
2,563 | (4 | )% | 2,681 | ||||||||
Argentina
|
154,723 | (19 | )% | 191,955 | ||||||||
|
||||||||||||
International
|
726,566 | 11 | % | 654,498 | ||||||||
|
||||||||||||
Total
(2)
|
1,711,922 | 5 | % | 1,624,391 | ||||||||
|
||||||||||||
|
||||||||||||
NGL Volume — b/d:
|
||||||||||||
United States
|
6,843 | 39 | % | 4,910 | ||||||||
Canada
|
1,734 | (18 | )% | 2,112 | ||||||||
|
||||||||||||
North America
|
8,577 | 22 | % | 7,022 | ||||||||
Argentina
|
3,291 | 5 | % | 3,138 | ||||||||
|
||||||||||||
Total
|
11,868 | 17 | % | 10,160 | ||||||||
|
||||||||||||
|
||||||||||||
Average Oil price — Per barrel:
|
||||||||||||
United States
|
$ | 74.33 | 74 | % | $ | 42.67 | ||||||
Canada
|
75.39 | 99 | % | 37.98 | ||||||||
North America
|
74.47 | 78 | % | 41.93 | ||||||||
Egypt
|
76.49 | 81 | % | 42.21 | ||||||||
Australia
|
74.94 | 136 | % | 31.81 | ||||||||
North Sea
|
74.34 | 68 | % | 44.26 | ||||||||
Argentina
|
57.81 | 22 | % | 47.26 | ||||||||
International
|
74.60 | 74 | % | 42.85 | ||||||||
Total
(3)
|
74.55 | 75 | % | 42.49 | ||||||||
|
||||||||||||
Average Natural Gas price — Per Mcf:
|
||||||||||||
United States
|
$ | 6.06 | 33 | % | $ | 4.57 | ||||||
Canada
|
5.29 | 13 | % | 4.67 | ||||||||
North America
|
5.82 | 26 | % | 4.61 | ||||||||
Egypt
|
3.57 | (1 | )% | 3.60 | ||||||||
Australia
|
2.22 | 39 | % | 1.60 | ||||||||
North Sea
|
18.31 | 147 | % | 7.40 | ||||||||
Argentina
|
2.17 | 10 | % | 1.98 | ||||||||
International
|
2.94 | 8 | % | 2.71 | ||||||||
Total
(4)
|
4.60 | 20 | % | 3.84 | ||||||||
|
||||||||||||
Average NGL Price — Per barrel:
|
||||||||||||
United States
|
$ | 51.91 | 114 | % | $ | 24.26 | ||||||
Canada
|
40.54 | 97 | % | 20.60 | ||||||||
North America
|
49.61 | 114 | % | 23.16 | ||||||||
Argentina
|
34.60 | 102 | % | 17.11 | ||||||||
Total
|
45.45 | 113 | % | 21.29 |
(1) | Approximately 12 percent of first-quarter 2010 oil production was subject to financial derivative hedges; eight percent in 2009. | |
(2) | Approximately 25 percent of first-quarter 2010 gas production was subject to financial derivative hedges; seven percent in 2009. | |
(3) | Reflects per-barrel decrease of $.56 in first-quarter 2010 and increase of $1.60 in 2009 from financial derivative hedging activities. | |
(4) | Reflects per-Mcf increase of $.09 in first-quarter 2010 and $.12 in 2009. |
31
For the Quarter Ended March 31, | For the Quarter Ended March 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(In millions) | (Per Boe) | |||||||||||||||
Depreciation, depletion and amortization:
|
||||||||||||||||
Oil and gas property and equipment
|
||||||||||||||||
Recurring
|
$ | 587 | $ | 536 | $ | 11.13 | $ | 10.86 | ||||||||
Additional
|
— | 2,818 | — | 57.11 | ||||||||||||
Other assets
|
52 | 45 | .98 | .91 | ||||||||||||
Asset retirement obligation accretion
|
24 | 27 | .46 | .54 | ||||||||||||
Lease operating expenses
|
440 | 397 | 8.35 | 8.06 | ||||||||||||
Gathering and transportation
|
40 | 33 | .77 | .67 | ||||||||||||
Taxes other than income
|
177 | 87 | 3.36 | 1.77 | ||||||||||||
General and administrative expenses
|
87 | 85 | 1.65 | 1.72 | ||||||||||||
Financing costs, net
|
59 | 59 | 1.12 | 1.19 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total
|
$ | 1,466 | $ | 4,087 | $ | 27.82 | $ | 82.83 | ||||||||
|
32
Recurring DD&A | ||||
(In millions) | ||||
2009 DD&A
|
$ | 536 | ||
Volume change
|
39 | |||
Rate change
|
12 | |||
|
||||
|
||||
2010 DD&A
|
$ | 587 | ||
|
Per boe | ||||
First-Quarter 2009 LOE
|
$ | 8.06 | ||
Foreign exchange impact
|
.42 | |||
Stock based compensation (including mark-to-market of SARS)
|
.23 | |||
Workover costs
|
.17 | |||
OIL theoretical withdrawal premium
|
.16 | |||
Equipment rental — Australia
|
.14 | |||
Increased production
|
(.58 | ) | ||
U.S. hurricane repair costs
|
(.23 | ) | ||
Other
|
(.02 | ) | ||
|
||||
|
||||
First-Quarter 2010 LOE
|
$ | 8.35 | ||
|
33
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Canada
|
$ | 16 | $ | 11 | ||||
United States
|
11 | 9 | ||||||
North Sea
|
6 | 6 | ||||||
Egypt
|
6 | 6 | ||||||
Argentina
|
1 | 1 | ||||||
|
||||||||
|
||||||||
Total Gathering and Transportation
|
$ | 40 | $ | 33 | ||||
|
||||||||
|
||||||||
Total Gathering and Transportation per boe
|
$ | .77 | $ | .67 | ||||
|
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
U.K. PRT
|
$ | 122 | $ | 50 | ||||
Severance taxes
|
32 | 17 | ||||||
Ad valorem taxes
|
18 | 8 | ||||||
Canadian taxes
|
(1 | ) | 4 | |||||
Other
|
6 | 8 | ||||||
|
||||||||
|
||||||||
Total Taxes other than income
|
$ | 177 | $ | 87 | ||||
|
||||||||
|
||||||||
Total Taxes other than income per boe
|
$ | 3.36 | $ | 1.77 | ||||
|
34
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Interest expense
|
$ | 77 | $ | 79 | ||||
Amortization of deferred loan costs
|
1 | 2 | ||||||
Capitalized interest
|
(17 | ) | (16 | ) | ||||
Interest income
|
(2 | ) | (6 | ) | ||||
|
||||||||
|
||||||||
Financing costs, net
|
$ | 59 | $ | 59 | ||||
|
||||||||
|
||||||||
Total Taxes other than income per boe
|
$ | 1.12 | $ | 1.19 | ||||
|
35
For the Quarter | ||||||||
Ended March 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except per share data) | ||||||||
Income (Loss) Attributable to Common Stock (GAAP)
|
$ | 704,981 | $ | (1,758,360 | ) | |||
|
||||||||
Adjustments:
|
||||||||
Foreign currency fluctuation impact on deferred tax expense
|
6,584 | (4,814 | ) | |||||
Additional depletion, net of tax
(1)
|
— | 1,981,398 | ||||||
|
||||||||
Adjusted Earnings (Non-GAAP)
|
$ | 711,565 | $ | 218,224 | ||||
|
||||||||
|
||||||||
Adjusted Earnings Per Share (Non-GAAP)
|
||||||||
Basic
|
$ | 2.11 | $ | .65 | ||||
|
||||||||
Diluted
|
$ | 2.10 | $ | .65 | ||||
|
||||||||
|
||||||||
Average Number of Common Shares
|
||||||||
Basic
|
336,924 | 335,104 | ||||||
|
||||||||
Diluted
|
339,135 | 336,994 | ||||||
|
(1) | Additional depletion (non-cash write-down of the carrying value of proved property) recorded in 2009 was $2,818,161 pre-tax, for which a deferred tax benefit of $836,763 was recognized. The tax effect of the write-down of the carrying value of proved property (additional depletion) in 2009 was calculated utilizing the statutory rates in effect in each country where a write-down occurred. |
36
For the Quarter Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Sources of Cash and Cash Equivalents:
|
||||||||
Net cash provided by operating activities
|
$ | 1,153 | $ | 543 | ||||
Net commercial paper and bank loan borrowings
|
— | 93 | ||||||
Common stock activity
|
11 | — | ||||||
Other
|
41 | 20 | ||||||
|
||||||||
|
1,205 | 656 | ||||||
|
||||||||
|
||||||||
Uses of Cash and Cash Equivalents:
|
||||||||
Capital expenditures
(1)
|
1,074 | 1,060 | ||||||
Net commercial paper and bank loan repayments
|
3 | — | ||||||
Payments on fixed-rate notes
|
— | 100 | ||||||
Dividends
|
50 | 52 | ||||||
Other
|
— | 36 | ||||||
|
||||||||
|
1,127 | 1,248 | ||||||
|
||||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
$ | 78 | $ | (592 | ) |
(1) | The table presents capital expenditures on a cash basis; therefore, the amounts differ from those discussed elsewhere in this document, which include accruals. |
37
Quarter Ended March 31, | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Exploration and Development:
|
||||||||
United States
|
$ | 297 | $ | 310 | ||||
Canada
|
203 | 128 | ||||||
|
||||||||
North America
|
500 | 438 | ||||||
|
||||||||
Egypt
|
166 | 209 | ||||||
Australia
|
165 | 133 | ||||||
North Sea
|
94 | 85 | ||||||
Argentina
|
37 | 47 | ||||||
Chile
|
10 | 4 | ||||||
|
||||||||
International
|
472 | 478 | ||||||
|
||||||||
Worldwide Exploration and Development Costs
|
972 | 916 | ||||||
|
||||||||
Gathering, Transmission and Processing Facilities:
|
||||||||
Canada
|
33 | 40 | ||||||
Egypt
|
24 | 69 | ||||||
Australia
|
56 | 3 | ||||||
Argentina
|
1 | 1 | ||||||
|
||||||||
Total Gathering, Transmission and Processing Facility Cost
|
114 | 113 | ||||||
|
||||||||
Asset Retirement Costs
|
22 | 60 | ||||||
|
||||||||
Capitalized Interest
|
17 | 16 | ||||||
|
||||||||
|
||||||||
Capital Expenditures, excluding Acquisitions
|
1,125 | 1,105 | ||||||
|
||||||||
Acquisitions
|
5 | 60 | ||||||
|
||||||||
|
||||||||
Total Capital Expenditures
|
$ | 1,130 | $ | 1,165 | ||||
|
38
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(In millions of dollars, except as indicated) | ||||||||
Cash and cash equivalents
|
$ | 2,126 | $ | 2,048 | ||||
Total debt
|
5,064 | 5,067 | ||||||
Shareholders’ equity
|
16,759 | 15,779 | ||||||
Available committed borrowing capacity
|
2,300 | 2,300 | ||||||
Floating-rate debt/total debt
|
7 | % | 7 | % | ||||
Percent of total debt-to-capitalization
|
23 | % | 24 | % |
39
ITEM 3 | — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
40
41
• | the market prices of oil, natural gas, NGLs and other products or services; | ||
• | approval of the Mariner merger by Mariner stockholders and the timing of the closing of the merger; | ||
• | the satisfaction of the closing conditions of the Mariner merger; | ||
• | negative effects from the pendency of the Mariner merger; | ||
• | the retention of key employees of Mariner; | ||
• | the integration of Mariner following completion of the merger; | ||
• | the diversion of management’s time on issues related to the Mariner merger; | ||
• | our commodity hedging arrangements; | ||
• | the supply and demand for oil, natural gas, NGLs and other products or services; | ||
• | production and reserve levels; | ||
• | drilling risks; | ||
• | economic and competitive conditions; | ||
• | the availability of capital resources; | ||
• | capital expenditure and other contractual obligations; | ||
• | currency exchange rates; | ||
• | weather conditions; | ||
• | inflation rates; | ||
• | the availability of goods and services; | ||
• | legislative or regulatory changes; | ||
• | terrorism; | ||
• | occurrence of property acquisitions or divestitures; | ||
• | the securities or capital markets and related risks such as general credit, liquidity, market and interest-rate risks; |
42
• | other factors disclosed under Items 1 and 2 — “Business and Properties — Estimated Proved Reserves and Future Net Cash Flows,” Item 1A — “Risk Factors,” Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Item 7A — “Quantitative and Qualitative Disclosures About Market Risk” and elsewhere in our most recently filed Form 10-K, other risks and uncertainties detailed in our first-quarter 2010 earnings release and other filings that we make with the Securities and Exchange Commission. |
ITEM 4 | — CONTROLS AND PROCEDURES |
43
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | [REMOVED AND RESERVED] |
ITEM 5. | OTHER INFORMATION |
44
ITEM 6. | EXHIBITS |
2.1
|
– | Agreement and Plan of Merger, dated April 14, 2010, by and among Registrant, Mariner Energy, Inc. and ZMZ Acquisitions LLC (incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K, dated April 14, 2010, filed April 16, 2010, SEC File No. 001-4300). | ||
|
||||
*12.1
|
– | Statement of computation of ratio of earnings to fixed charges and combined fixed charges and preferred stock dividends. | ||
|
||||
*31.1
|
– | Certification (pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act) by Principal Executive Officer. | ||
|
||||
*31.2
|
– | Certification (pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act) by Principal Financial Officer. | ||
|
||||
*32.1
|
– | Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Executive Officer and Principal Financial Officer. | ||
|
||||
**101
|
– | The following materials from the Apache Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, formatted in XBRL (Extensible Business Reporting Language): (i) Statement of Consolidated Operations, (ii) Statement of Consolidated Cash Flows, (iii) Consolidated Balance Sheet, (iv) Statement of Consolidated Shareholders’ Equity, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text. |
* | Filed herewith | |
** | Furnished herewith |
45
APACHE CORPORATION
|
||||
Dated: May 7, 2010 | /s/ ROGER B. PLANK | |||
Roger B. Plank | ||||
President
(Principal Financial Officer) |
||||
Dated: May 7, 2010 | /s/ REBECCA A. HOYT | |||
Rebecca A. Hoyt | ||||
Vice President and Controller
(Principal Accounting Officer) |
||||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|