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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 | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
ITEM 1 | — FINANCIAL STATEMENTS |
For the Quarter | For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions, except per common share data) | ||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||
Oil and gas production revenues
|
$ | 4,355 | $ | 2,969 | $ | 8,233 | $ | 5,662 | ||||||||
Other
|
(17 | ) | 3 | 30 | (17 | ) | ||||||||||
|
||||||||||||||||
|
4,338 | 2,972 | 8,263 | 5,645 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Depreciation, depletion and amortization
|
1,029 | 729 | 1,965 | 1,368 | ||||||||||||
Asset retirement obligation accretion
|
38 | 25 | 75 | 49 | ||||||||||||
Lease operating expenses
|
662 | 446 | 1,285 | 886 | ||||||||||||
Gathering and transportation
|
73 | 43 | 149 | 83 | ||||||||||||
Taxes other than income
|
255 | 187 | 419 | 364 | ||||||||||||
General and administrative
|
103 | 84 | 215 | 171 | ||||||||||||
Merger, acquisitions & transition
|
6 | 8 | 11 | 8 | ||||||||||||
Financing costs, net
|
41 | 56 | 86 | 115 | ||||||||||||
|
||||||||||||||||
|
2,207 | 1,578 | 4,205 | 3,044 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
INCOME BEFORE INCOME TAXES
|
2,131 | 1,394 | 4,058 | 2,601 | ||||||||||||
Current income tax provision
|
576 | 339 | 1,219 | 682 | ||||||||||||
Deferred income tax provision
|
296 | 195 | 446 | 354 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
NET INCOME
|
1,259 | 860 | 2,393 | 1,565 | ||||||||||||
Preferred stock dividends
|
19 | — | 38 | — | ||||||||||||
|
||||||||||||||||
INCOME ATTRIBUTABLE TO COMMON STOCK
|
$ | 1,240 | $ | 860 | $ | 2,355 | $ | 1,565 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
NET INCOME PER COMMON SHARE:
|
||||||||||||||||
Basic
|
$ | 3.23 | $ | 2.55 | $ | 6.14 | $ | 4.64 | ||||||||
Diluted
|
$ | 3.17 | $ | 2.53 | $ | 6.03 | $ | 4.61 | ||||||||
|
||||||||||||||||
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING:
|
||||||||||||||||
Basic
|
384 | 338 | 383 | 337 | ||||||||||||
Diluted
|
397 | 339 | 397 | 339 | ||||||||||||
|
||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE
|
$ | 0.15 | $ | 0.15 | $ | 0.30 | $ | 0.30 |
1
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 2,393 | $ | 1,565 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Depreciation, depletion and amortization
|
1,965 | 1,368 | ||||||
Asset retirement obligation accretion
|
75 | 49 | ||||||
Provision for deferred income taxes
|
446 | 354 | ||||||
Other
|
3 | 67 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
(355 | ) | (104 | ) | ||||
Inventories
|
(97 | ) | (7 | ) | ||||
Drilling advances
|
4 | 22 | ||||||
Deferred charges and other
|
(14 | ) | 1 | |||||
Accounts payable
|
206 | 49 | ||||||
Accrued expenses
|
78 | (292 | ) | |||||
Deferred credits and noncurrent liabilities
|
20 | 13 | ||||||
|
||||||||
|
||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
4,724 | 3,085 | ||||||
|
||||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Additions to oil and gas property
|
(3,170 | ) | (1,921 | ) | ||||
Additions to gas gathering, transmission and processing facilities
|
(269 | ) | (257 | ) | ||||
Acquisition of Devon properties
|
— | (1,017 | ) | |||||
Acquisitions, other
|
(78 | ) | (16 | ) | ||||
Proceeds from sale of oil and gas properties
|
192 | — | ||||||
Other, net
|
(52 | ) | (7 | ) | ||||
|
||||||||
|
||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(3,377 | ) | (3,218 | ) | ||||
|
||||||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Commercial paper, credit facility and bank notes, net
|
(289 | ) | (55 | ) | ||||
Dividends paid
|
(153 | ) | (101 | ) | ||||
Common stock activity
|
38 | 21 | ||||||
Treasury stock activity, net
|
4 | 3 | ||||||
Other
|
26 | 22 | ||||||
|
||||||||
NET CASH USED IN FINANCING ACTIVITIES
|
(374 | ) | (110 | ) | ||||
|
||||||||
|
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
973 | (243 | ) | |||||
|
||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
134 | 2,048 | ||||||
|
||||||||
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 1,107 | $ | 1,805 | ||||
|
||||||||
|
||||||||
SUPPLEMENTARY CASH FLOW DATA:
|
||||||||
Interest paid, net of capitalized interest
|
$ | 72 | $ | 113 | ||||
Income taxes paid, net of refunds
|
894 | 595 |
2
June 30, | December | |||||||
2011 | 31, 2010 | |||||||
(In millions) | ||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 1,107 | $ | 134 | ||||
Receivables, net of allowance
|
2,495 | 2,134 | ||||||
Inventories
|
633 | 564 | ||||||
Drilling advances
|
250 | 259 | ||||||
Prepaid assets and other
|
415 | 389 | ||||||
|
||||||||
|
4,900 | 3,480 | ||||||
|
||||||||
PROPERTY AND EQUIPMENT:
|
||||||||
Oil and gas, on the basis of full-cost accounting:
|
||||||||
Proved properties
|
61,028 | 57,904 | ||||||
Unproved properties and properties under development, not being amortized
|
5,252 | 5,048 | ||||||
Gathering, transmission and processing facilities
|
4,481 | 4,212 | ||||||
Other
|
637 | 582 | ||||||
|
||||||||
|
71,398 | 67,746 | ||||||
Less: Accumulated depreciation, depletion and amortization
|
(31,560 | ) | (29,595 | ) | ||||
|
||||||||
|
39,838 | 38,151 | ||||||
|
||||||||
OTHER ASSETS:
|
||||||||
Goodwill
|
1,032 | 1,032 | ||||||
Deferred charges and other
|
759 | 762 | ||||||
|
||||||||
|
$ | 46,529 | $ | 43,425 | ||||
|
||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 1,029 | $ | 779 | ||||
Accrued operating expense
|
168 | 163 | ||||||
Accrued exploration and development
|
1,375 | 1,367 | ||||||
Accrued compensation and benefits
|
135 | 231 | ||||||
Current debt
|
448 | 46 | ||||||
Current asset retirement obligation
|
360 | 407 | ||||||
Derivative instruments
|
229 | 194 | ||||||
Accrued income taxes
|
266 | 2 | ||||||
Other
|
474 | 335 | ||||||
|
||||||||
|
4,484 | 3,524 | ||||||
|
||||||||
|
||||||||
LONG-TERM DEBT
|
7,404 | 8,095 | ||||||
|
||||||||
|
||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
|
||||||||
Income taxes
|
4,698 | 4,249 | ||||||
Asset retirement obligation
|
2,535 | 2,465 | ||||||
Other
|
741 | 715 | ||||||
|
||||||||
|
7,974 | 7,429 | ||||||
|
||||||||
|
||||||||
COMMITMENTS AND CONTINGENCIES (Note 7)
|
||||||||
|
||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Preferred stock, no par value, 10,000,000 shares authorized, 6% Cumulative
Mandatory Convertible, Series D, $1,000 per share liquidation preference,
1,265,000 shares issued and outstanding
|
1,227 | 1,227 | ||||||
Common stock, $0.625 par, 860,000,000 shares authorized, 384,983,055 and
383,668,297 shares issued, respectively
|
241 | 240 | ||||||
Paid-in capital
|
8,969 | 8,864 | ||||||
Retained earnings
|
16,463 | 14,223 | ||||||
Treasury stock, at cost, 1,147,641 and 1,276,555 shares, respectively
|
(33 | ) | (36 | ) | ||||
Accumulated other comprehensive loss
|
(200 | ) | (141 | ) | ||||
|
||||||||
|
26,667 | 24,377 | ||||||
|
||||||||
|
$ | 46,529 | $ | 43,425 | ||||
|
3
Accumulated | |||||||||||||||||||||||||||||||||
Series D | Other | Total | |||||||||||||||||||||||||||||||
Comprehensive | Preferred | Common | Paid-In | Retained | Treasury | Comprehensive | Shareholders’ | ||||||||||||||||||||||||||
Income | Stock | Stock | Capital | Earnings | Stock | Income (Loss) | Equity | ||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2009
|
$ | — | $ | 215 | $ | 4,634 | $ | 11,437 | $ | (217 | ) | $ | (290 | ) | $ | 15,779 | |||||||||||||||||
Comprehensive income:
|
|||||||||||||||||||||||||||||||||
Net income
|
$ | 1,565 | — | — | — | 1,565 | — | — | 1,565 | ||||||||||||||||||||||||
Commodity hedges, net of income tax
expense of $150
|
313 | — | — | — | — | — | 313 | 313 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Comprehensive income
|
$ | 1,878 | |||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Common stock dividends ($0.30 per
share)
|
— | — | — | (101 | ) | — | — | (101 | ) | ||||||||||||||||||||||||
Common shares issued
|
— | 1 | 12 | — | — | — | 13 | ||||||||||||||||||||||||||
Treasury shares issued, net
|
— | — | (1 | ) | — | 5 | — | 4 | |||||||||||||||||||||||||
Compensation expense
|
— | — | 102 | — | — | — | 102 | ||||||||||||||||||||||||||
Other
|
— | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2010
|
$ | — | $ | 216 | $ | 4,748 | $ | 12,901 | $ | (212 | ) | $ | 23 | $ | 17,676 | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2010
|
$ | 1,227 | $ | 240 | $ | 8,864 | $ | 14,223 | $ | (36 | ) | $ | (141 | ) | $ | 24,377 | |||||||||||||||||
Comprehensive income:
|
|||||||||||||||||||||||||||||||||
Net income
|
$ | 2,393 | — | — | — | 2,393 | — | — | 2,393 | ||||||||||||||||||||||||
Commodity hedges, net of income tax
benefit of $14
|
(59 | ) | — | — | — | — | — | (59 | ) | (59 | ) | ||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Comprehensive income
|
$ | 2,334 | |||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
Dividends:
|
|||||||||||||||||||||||||||||||||
Preferred
|
— | — | — | (38 | ) | — | — | (38 | ) | ||||||||||||||||||||||||
Common ($0.30 per share)
|
— | — | — | (115 | ) | — | — | (115 | ) | ||||||||||||||||||||||||
Common shares issued
|
— | 1 | 19 | — | — | — | 20 | ||||||||||||||||||||||||||
Treasury shares issued, net
|
— | — | 2 | — | 3 | — | 5 | ||||||||||||||||||||||||||
Compensation expense
|
— | — | 84 | — | — | — | 84 | ||||||||||||||||||||||||||
Other
|
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2011
|
$ | 1,227 | $ | 241 | $ | 8,969 | $ | 16,463 | $ | (33 | ) | $ | (200 | ) | $ | 26,667 | |||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
4
5
6
For the Quarter | For the Six Months | |||||||
Ended June 30, | Ended June 30, | |||||||
2010 | 2010 | |||||||
(In millions) | ||||||||
Revenues and Other
|
$ | 3,534 | $ | 6,795 | ||||
|
||||||||
|
||||||||
Net Income
|
$ | 937 | $ | 1,730 | ||||
Preferred Stock Dividends
|
19 | 38 | ||||||
|
||||||||
Income Attributable to Common Stock
|
918 | 1,692 | ||||||
|
||||||||
|
||||||||
Net Income per Common Share — Basic
|
$ | 2.41 | $ | 4.44 | ||||
|
||||||||
Net Income per Common Share — Diluted
|
$ | 2.36 | $ | 4.36 | ||||
|
7
Fixed-Price Swaps | Collars | |||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||
Production | MMBtu | GJ | Average | MMBtu | GJ | Average | Average | |||||||||||||||||||||
Period | (in 000’s) | (in 000’s) | Fixed | (in 000’s) | (in 000’s) | Floor Price (1) | Ceiling Price (1) | |||||||||||||||||||||
Price (1) | ||||||||||||||||||||||||||||
2011
|
35,884 | — | $ | 5.96 | 4,600 | — | $ | 5.00 | $ | 8.85 | ||||||||||||||||||
2011
|
— | 25,760 | C$ | 6.26 | — | 1,840 | C$ | 6.50 | C$ | 7.10 | ||||||||||||||||||
2012
|
41,554 | — | $ | 6.30 | 21,960 | — | $ | 5.54 | $ | 7.30 | ||||||||||||||||||
2012
|
— | 43,920 | C$ | 6.61 | — | 7,320 | C$ | 6.50 | C$ | 7.27 | ||||||||||||||||||
2013
|
7,665 | — | $ | 6.83 | 6,825 | — | $ | 5.35 | $ | 6.67 | ||||||||||||||||||
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 gas contracts are entered into on a per gigajoule (GJ) basis and are settled against AECO Index. The Canadian natural gas prices represent a weighted average of AECO Index prices and are shown in Canadian dollars. |
Fixed-Price Swaps | Collars | |||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Production | Average | Average | Average | |||||||||||||||||
Period | Mbbls | Fixed Price (1) | Mbbls | Floor Price (1) | Ceiling Price (1) | |||||||||||||||
2011
|
2,641 | $ | 74.17 | 14,996 | $ | 69.18 | $ | 96.79 | ||||||||||||
2012
|
3,786 | 72.26 | 9,142 | 69.30 | 98.11 | |||||||||||||||
2013
|
1,860 | 74.38 | 2,416 | 78.02 | 103.06 | |||||||||||||||
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. A portion of 2011 contracts are settled against Dated Brent. |
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Current Assets: Prepaid assets and other
|
$ | 171 | $ | 167 | ||||
Other Assets: Deferred charges and other
|
87 | 139 | ||||||
|
||||||||
Total Assets
|
$ | 258 | $ | 306 | ||||
|
||||||||
Current Liabilities: Derivative instruments
|
$ | 229 | $ | 194 | ||||
Noncurrent Liabilities: Other
|
125 | 124 | ||||||
|
||||||||
Total Liabilities
|
$ | 354 | $ | 318 | ||||
|
8
For the Quarter | For the Six Months | |||||||||||||||||||
Ended
June 30, |
Ended
June 30, |
|||||||||||||||||||
Gain (Loss) on Derivatives | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Recognized In Income | (In millions) | |||||||||||||||||||
Gain (loss) reclassified from
accumulated
other comprehensive income (loss)
into operations (effective portion)
|
Oil and Gas Production Revenues | $ | (53 | ) | $ | 52 | $ | (47 | ) | $ | 51 | |||||||||
Gain (loss) on derivatives recognized in
operations (ineffective portion and
basis)
|
Revenues and Other: Other | $ | 4 | $ | — | $ | 1 | $ | — |
For the Six Months Ended June 30, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
Before tax | After tax | Before tax | After tax | |||||||||||||
(In millions) | ||||||||||||||||
Unrealized loss on derivatives at beginning of period
|
$ | (54 | ) | $ | (19 | ) | $ | (267 | ) | $ | (170 | ) | ||||
Realized amounts reclassified into earnings
|
47 | 36 | (51 | ) | (33 | ) | ||||||||||
Net change in derivative fair value
|
(119 | ) | (94 | ) | 514 | 346 | ||||||||||
Ineffectiveness and basis swaps reclassified into
earnings
|
(1 | ) | (1 | ) | — | — | ||||||||||
|
||||||||||||||||
Unrealized gain (loss) on derivatives at end of period
|
$ | (127 | ) | $ | (78 | ) | $ | 196 | $ | 143 | ||||||
|
(In millions) | ||||
Asset retirement obligation at December 31, 2010
|
$ | 2,872 | ||
Liabilities incurred
|
186 | |||
Liabilities settled
|
(238 | ) | ||
Accretion expense
|
75 | |||
|
||||
Asset retirement obligation at June 30, 2011
|
2,895 | |||
|
||||
Less current portion
|
(360 | ) | ||
|
||||
|
||||
Asset retirement obligation, long-term
|
$ | 2,535 | ||
|
9
June 30, 2011 | December 31, 2010 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(In millions) | ||||||||||||||||
Money market lines of credit
|
$ | 48 | $ | 48 | $ | 46 | $ | 46 | ||||||||
Commercial paper
|
620 | 620 | 913 | 913 | ||||||||||||
Notes and debentures
|
7,184 | 7,818 | 7,182 | 7,870 | ||||||||||||
|
||||||||||||||||
Total Debt
|
$ | 7,852 | $ | 8,486 | $ | 8,141 | $ | 8,829 | ||||||||
|
For the Quarter Ended | For the Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
(In millions) | ||||||||||||||||||
Interest expense
|
$ | 109 | $ | 75 | $ | 217 | $ | 151 | ||||||||||
Amortization of deferred loan costs
|
1 | 1 | 3 | 3 | ||||||||||||||
Capitalized interest
|
(63 | ) | (18 | ) | (124 | ) | (35 | ) | ||||||||||
Interest income
|
(6 | ) | (2 | ) | (10 | ) | (4 | ) | ||||||||||
|
||||||||||||||||||
Financing costs, net
|
$ | 41 | $ | 56 | $ | 86 | $ | 115 | ||||||||||
|
10
11
12
For the Quarter Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||
Basic:
|
||||||||||||||||||||||||
Income attributable to common stock
|
$ | 1,240 | 384 | $ | 3.23 | $ | 860 | 338 | $ | 2.55 | ||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Effect of Dilutive Securities:
|
||||||||||||||||||||||||
Mandatory Convertible Preferred Stock
|
19 | 12 | — | — | ||||||||||||||||||||
Stock options and other
|
— | 1 | — | 1 | ||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Diluted:
|
||||||||||||||||||||||||
Income attributable to common stock,
including assumed conversions
|
$ | 1,259 | 397 | $ | 3.17 | $ | 860 | 339 | $ | 2.53 | ||||||||||||||
|
For the Six Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||
Basic:
|
||||||||||||||||||||||||
Income attributable to common stock
|
$ | 2,355 | 383 | $ | 6.14 | $ | 1,565 | 337 | $ | 4.64 | ||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Effect of Dilutive Securities:
|
||||||||||||||||||||||||
Mandatory Convertible Preferred Stock
|
38 | 12 | ||||||||||||||||||||||
Stock options and other
|
— | 2 | — | 2 | ||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Diluted:
|
||||||||||||||||||||||||
Income attributable to common stock,
including assumed conversions
|
$ | 2,393 | 397 | $ | 6.03 | $ | 1,565 | 339 | $ | 4.61 | ||||||||||||||
|
13
14
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) | ||||||||||||||||||||||||
June 30, 2011
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
$ | — | $ | 369 | $ | — | $ | 369 | $ | (111 | ) | $ | 258 | |||||||||||
|
||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
— | 465 | — | 465 | (111 | ) | 354 | |||||||||||||||||
|
||||||||||||||||||||||||
December 31, 2010
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
$ | — | $ | 454 | $ | — | $ | 454 | $ | (148 | ) | $ | 306 | |||||||||||
|
||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Commodity Derivative Instruments
|
— | 466 | — | 466 | (148 | ) | 318 |
(1) | The derivative fair values above are based on analysis of each contract on a gross basis, even where the legal right of offset exits, as required by ASC Topic 820. The carrying amounts of derivative assets and liabilities reported on the consolidated balance sheet are determined by netting asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. See Note 3 — Derivative Instruments and Hedging Activities of this Form 10-Q for a discussion of amounts recorded on the consolidated balance sheet at June 30, 2011 and December 31, 2010. |
For the Quarter Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Net income
|
$ | 1,259 | $ | 860 | $ | 2,393 | $ | 1,565 | ||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Commodity hedges
|
362 | 102 | (73 | ) | 463 | |||||||||||
Income tax related to commodity hedges
|
(117 | ) | (39 | ) | 14 | (150 | ) | |||||||||
|
||||||||||||||||
|
||||||||||||||||
Total comprehensive income
|
$ | 1,504 | $ | 923 | $ | 2,334 | $ | 1,878 | ||||||||
|
15
United | Other | |||||||||||||||||||||||||||||||
States | Canada | Egypt | Australia | North Sea | Argentina | International | Total | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
For the Quarter Ended
June 30, 2011
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 1,560 | $ | 433 | $ | 1,201 | $ | 470 | $ | 572 | $ | 119 | $ | — | $ | 4,355 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income (Loss)
(1)
|
$ | 738 | $ | 104 | $ | 893 | $ | 311 | $ | 257 | $ | 21 | $ | (26 | ) | $ | 2,298 | |||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
(17 | ) | ||||||||||||||||||||||||||||||
General and administrative
|
(103 | ) | ||||||||||||||||||||||||||||||
Merger, acquisitions & transition
|
(6 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(41 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income Before Income Taxes
|
$ | 2,131 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
For the Six Months Ended
June 30, 2011
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 2,937 | $ | 835 | $ | 2,401 | $ | 842 | $ | 1,002 | $ | 216 | $ | — | $ | 8,233 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income (Loss)
(1)
|
$ | 1,368 | $ | 182 | $ | 1,787 | $ | 536 | $ | 462 | $ | 31 | $ | (26 | ) | $ | 4,340 | |||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
30 | |||||||||||||||||||||||||||||||
General and administrative
|
(215 | ) | ||||||||||||||||||||||||||||||
Merger, acquisitions & transition
|
(11 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(86 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income Before Income Taxes
|
$ | 4,058 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Assets
|
$ | 22,142 | $ | 8,680 | $ | 6,677 | $ | 4,272 | $ | 2,999 | $ | 1,686 | $ | 73 | $ | 46,529 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
For the Quarter Ended
June 30, 2010
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 962 | $ | 240 | $ | 806 | $ | 452 | $ | 421 | $ | 88 | $ | — | $ | 2,969 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income
(1)
|
$ | 452 | $ | 71 | $ | 548 | $ | 285 | $ | 165 | $ | 18 | $ | — | $ | 1,539 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
3 | |||||||||||||||||||||||||||||||
General and administrative
|
(84 | ) | ||||||||||||||||||||||||||||||
Merger, acquisitions & transition
|
(8 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(56 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income Before Income Taxes
|
$ | 1,394 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
For the Six Months Ended
June 30, 2010
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Oil and Gas Production Revenues
|
$ | 1,954 | $ | 493 | $ | 1,547 | $ | 676 | $ | 812 | $ | 180 | $ | — | $ | 5,662 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Operating Income
(1)
|
$ | 963 | $ | 166 | $ | 1,041 | $ | 386 | $ | 313 | $ | 43 | $ | — | $ | 2,912 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||||||||||
Other
|
(17 | ) | ||||||||||||||||||||||||||||||
General and administrative
|
(171 | ) | ||||||||||||||||||||||||||||||
Merger, acquisitions & transition
|
(8 | ) | ||||||||||||||||||||||||||||||
Financing costs, net
|
(115 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Income Before Income Taxes
|
$ | 2,601 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Assets
|
$ | 12,473 | $ | 4,243 | $ | 5,910 | $ | 3,737 | $ | 2,526 | $ | 1,488 | $ | 55 | $ | 30,432 | ||||||||||||||||
|
(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. |
16
17
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 1,127 | $ | — | $ | 3,228 | $ | — | $ | 4,355 | ||||||||||
Equity in net income (loss) of affiliates
|
972 | (11 | ) | (20 | ) | (941 | ) | — | ||||||||||||
Other
|
4 | (19 | ) | (1 | ) | (1 | ) | (17 | ) | |||||||||||
|
||||||||||||||||||||
|
2,103 | (30 | ) | 3,207 | (942 | ) | 4,338 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization.
|
315 | — | 714 | — | 1,029 | |||||||||||||||
Asset retirement obligation accretion
|
17 | — | 21 | — | 38 | |||||||||||||||
Lease operating expenses
|
213 | — | 449 | — | 662 | |||||||||||||||
Gathering and transportation
|
12 | — | 61 | — | 73 | |||||||||||||||
Taxes other than income
|
50 | — | 205 | — | 255 | |||||||||||||||
General and administrative
|
84 | — | 20 | (1 | ) | 103 | ||||||||||||||
Merger, acquisitions & transition
|
5 | — | 1 | — | 6 | |||||||||||||||
Financing costs, net
|
34 | 14 | (7 | ) | — | 41 | ||||||||||||||
|
||||||||||||||||||||
|
730 | 14 | 1,464 | (1 | ) | 2,207 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,373 | (44 | ) | 1,743 | (941 | ) | 2,131 | |||||||||||||
Provision (benefit) for income taxes
|
114 | (13 | ) | 771 | — | 872 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCOME (LOSS)
|
1,259 | (31 | ) | 972 | (941 | ) | 1,259 | |||||||||||||
Preferred stock dividends
|
19 | — | — | — | 19 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
$ | 1,240 | $ | (31 | ) | $ | 972 | $ | (941 | ) | $ | 1,240 | ||||||||
|
18
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 861 | $ | — | $ | 2,108 | $ | — | $ | 2,969 | ||||||||||
Equity in net income (loss) of affiliates
|
731 | 39 | (9 | ) | (761 | ) | — | |||||||||||||
Other
|
2 | 15 | (13 | ) | (1 | ) | 3 | |||||||||||||
|
||||||||||||||||||||
|
1,594 | 54 | 2,086 | (762 | ) | 2,972 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization
|
234 | — | 495 | — | 729 | |||||||||||||||
Asset retirement obligation accretion
|
13 | — | 12 | — | 25 | |||||||||||||||
Lease operating expenses
|
172 | — | 274 | — | 446 | |||||||||||||||
Gathering and transportation
|
10 | — | 33 | — | 43 | |||||||||||||||
Taxes other than income
|
32 | — | 155 | — | 187 | |||||||||||||||
General and administrative
|
64 | — | 21 | (1 | ) | 84 | ||||||||||||||
Merger, acquisitions & transition
|
8 | — | — | — | 8 | |||||||||||||||
Financing costs, net
|
50 | 14 | (8 | ) | — | 56 | ||||||||||||||
|
||||||||||||||||||||
|
583 | 14 | 982 | (1 | ) | 1,578 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME BEFORE INCOME TAXES
|
1,011 | 40 | 1,104 | (761 | ) | 1,394 | ||||||||||||||
Provision for income taxes
|
151 | 10 | 373 | — | 534 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME ATTRIBUTABLE TO COMMON STOCK
|
$ | 860 | $ | 30 | $ | 731 | $ | (761 | ) | $ | 860 | |||||||||
|
19
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 2,133 | $ | — | $ | 6,100 | $ | — | $ | 8,233 | ||||||||||
Equity in net income (loss) of affiliates
|
1,866 | (25 | ) | (48 | ) | (1,793 | ) | — | ||||||||||||
Other
|
5 | (39 | ) | 66 | (2 | ) | 30 | |||||||||||||
|
||||||||||||||||||||
|
4,004 | (64 | ) | 6,118 | (1,795 | ) | 8,263 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization.
|
615 | — | 1,350 | — | 1,965 | |||||||||||||||
Asset retirement obligation accretion
|
34 | — | 41 | — | 75 | |||||||||||||||
Lease operating expenses
|
404 | — | 881 | — | 1,285 | |||||||||||||||
Gathering and transportation
|
24 | — | 125 | — | 149 | |||||||||||||||
Taxes other than income
|
91 | — | 328 | — | 419 | |||||||||||||||
General and administrative
|
173 | — | 44 | (2 | ) | 215 | ||||||||||||||
Merger, acquisitions & transition
|
10 | — | 1 | — | 11 | |||||||||||||||
Financing costs, net
|
71 | 28 | (13 | ) | — | 86 | ||||||||||||||
|
||||||||||||||||||||
|
1,422 | 28 | 2,757 | (2 | ) | 4,205 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
2,582 | (92 | ) | 3,361 | (1,793 | ) | 4,058 | |||||||||||||
Provision (benefit) for income taxes
|
189 | (19 | ) | 1,495 | — | 1,665 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCOME (LOSS)
|
2,393 | (73 | ) | 1,866 | (1,793 | ) | 2,393 | |||||||||||||
Preferred stock dividends
|
38 | — | — | — | 38 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK
|
$ | 2,355 | $ | (73 | ) | $ | 1,866 | $ | (1,793 | ) | $ | 2,355 | ||||||||
|
||||||||||||||||||||
|
20
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
REVENUES AND OTHER:
|
||||||||||||||||||||
Oil and gas production revenues
|
$ | 1,750 | $ | — | $ | 3,912 | $ | — | $ | 5,662 | ||||||||||
Equity in net income (loss) of affiliates
|
1,195 | 64 | (15 | ) | (1,244 | ) | — | |||||||||||||
Other
|
3 | 29 | (47 | ) | (2 | ) | (17 | ) | ||||||||||||
|
||||||||||||||||||||
|
2,948 | 93 | 3,850 | (1,246 | ) | 5,645 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Depreciation, depletion and amortization
|
448 | — | 920 | — | 1,368 | |||||||||||||||
Asset retirement obligation accretion
|
25 | — | 24 | — | 49 | |||||||||||||||
Lease operating expenses
|
337 | — | 549 | — | 886 | |||||||||||||||
Gathering and transportation
|
21 | — | 62 | — | 83 | |||||||||||||||
Taxes other than income
|
68 | — | 296 | — | 364 | |||||||||||||||
General and administrative
|
136 | — | 37 | (2 | ) | 171 | ||||||||||||||
Merger, acquisitions & transition
|
8 | — | — | — | 8 | |||||||||||||||
Financing costs, net
|
102 | 28 | (15 | ) | — | 115 | ||||||||||||||
|
||||||||||||||||||||
|
1,145 | 28 | 1,873 | (2 | ) | 3,044 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME BEFORE INCOME TAXES
|
1,803 | 65 | 1,977 | (1,244 | ) | 2,601 | ||||||||||||||
Provision for income taxes
|
238 | 16 | 782 | — | 1,036 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
INCOME ATTRIBUTABLE TO COMMON STOCK
|
$ | 1,565 | $ | 49 | $ | 1,195 | $ | (1,244 | ) | $ | 1,565 | |||||||||
|
21
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$ | 1,078 | $ | (29 | ) | $ | 3,675 | $ | — | $ | 4,724 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Additions to oil and gas property
|
(864 | ) | — | (2,306 | ) | — | (3,170 | ) | ||||||||||||
Additions to
gas gathering, transmission and processing facilities
|
— | — | (269 | ) | — | (269 | ) | |||||||||||||
Acquisitions, other
|
— | — | (78 | ) | — | (78 | ) | |||||||||||||
Proceeds from sales of oil and gas properties
|
6 | — | 186 | — | 192 | |||||||||||||||
Investment in subsidiaries, net
|
198 | — | — | (198 | ) | — | ||||||||||||||
Other
|
(34 | ) | — | (18 | ) | — | (52 | ) | ||||||||||||
|
||||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(694 | ) | — | (2,485 | ) | (198 | ) | (3,377 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Commercial paper, credit facility and bank notes, net
|
(309 | ) | — | 20 | — | (289 | ) | |||||||||||||
Intercompany borrowings
|
— | (1 | ) | (189 | ) | 190 | — | |||||||||||||
Dividends paid
|
(153 | ) | — | — | — | (153 | ) | |||||||||||||
Common stock activity
|
38 | 30 | (38 | ) | 8 | 38 | ||||||||||||||
Treasury stock activity, net
|
4 | — | — | — | 4 | |||||||||||||||
Other
|
38 | — | (12 | ) | — | 26 | ||||||||||||||
|
||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(382 | ) | 29 | (219 | ) | 198 | (374 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
2 | — | 971 | — | 973 | |||||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
6 | — | 128 | — | 134 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 8 | $ | — | $ | 1,099 | $ | — | $ | 1,107 | ||||||||||
|
22
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$ | 1,184 | $ | (36 | ) | $ | 1,937 | $ | — | $ | 3,085 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Additions to oil and gas property
|
(529 | ) | — | (1,408 | ) | — | (1,937 | ) | ||||||||||||
Additions to gas gathering, transmission and
processing facilities
|
— | — | (257 | ) | — | (257 | ) | |||||||||||||
Acquisition of Devon properties
|
(1,017 | ) | — | — | — | (1,017 | ) | |||||||||||||
Investment in subsidiaries, net
|
(80 | ) | — | — | 80 | — | ||||||||||||||
Other
|
(45 | ) | — | 38 | — | (7 | ) | |||||||||||||
|
||||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(1,671 | ) | — | (1,627 | ) | 80 | (3,218 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Commercial paper, credit facility and bank notes, net
|
2 | 3 | 18 | (78 | ) | (55 | ) | |||||||||||||
Dividends paid
|
(101 | ) | — | — | — | (101 | ) | |||||||||||||
Common stock activity
|
21 | 33 | (31 | ) | (2 | ) | 21 | |||||||||||||
Treasury stock activity, net
|
3 | — | — | — | 3 | |||||||||||||||
Cost of debt and equity transactions
|
— | — | — | — | — | |||||||||||||||
Other
|
22 | — | — | — | 22 | |||||||||||||||
|
||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(53 | ) | 36 | (13 | ) | (80 | ) | (110 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(540 | ) | — | 297 | — | (243 | ) | |||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
647 | 2 | 1,399 | — | 2,048 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 107 | $ | 2 | $ | 1,696 | $ | — | $ | 1,805 | ||||||||||
|
23
All Other | ||||||||||||||||||||
Apache | Subsidiaries | |||||||||||||||||||
Apache | Finance | of Apache | Reclassifications | |||||||||||||||||
Corporation | Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
|
||||||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 8 | $ | — | $ | 1,099 | $ | — | $ | 1,107 | ||||||||||
Receivables, net of allowance
|
759 | — | 1,736 | — | 2,495 | |||||||||||||||
Inventories
|
58 | — | 575 | — | 633 | |||||||||||||||
Drilling advances
|
16 | 1 | 233 | — | 250 | |||||||||||||||
Prepaid assets and other
|
3,401 | — | (2,986 | ) | — | 415 | ||||||||||||||
|
||||||||||||||||||||
|
4,242 | 1 | 657 | — | 4,900 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET
|
11,801 | — | 28,037 | — | 39,838 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OTHER ASSETS:
|
||||||||||||||||||||
Intercompany receivable, net
|
4,505 | — | (2,973 | ) | (1,532 | ) | — | |||||||||||||
Equity in affiliates
|
18,451 | 1,309 | 97 | (19,857 | ) | — | ||||||||||||||
Goodwill, net
|
— | — | 1,032 | — | 1,032 | |||||||||||||||
Deferred charges and other
|
175 | 1,003 | 581 | (1,000 | ) | 759 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 39,174 | $ | 2,313 | $ | 27,431 | $ | (22,389 | ) | $ | 46,529 | |||||||||
|
||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
||||||||||||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable
|
$ | 607 | $ | 1 | $ | 1,953 | $ | (1,532 | ) | $ | 1,029 | |||||||||
Accrued exploration and development
|
312 | — | 1,063 | — | 1,375 | |||||||||||||||
Current debt
|
400 | — | 48 | — | 448 | |||||||||||||||
Current asset retirement obligation
|
317 | — | 43 | — | 360 | |||||||||||||||
Derivative instruments
|
154 | — | 75 | — | 229 | |||||||||||||||
Other accrued expenses
|
368 | 4 | 671 | — | 1,043 | |||||||||||||||
|
||||||||||||||||||||
|
2,158 | 5 | 3,853 | (1,532 | ) | 4,484 | ||||||||||||||
|
||||||||||||||||||||
LONG-TERM DEBT
|
6,756 | 647 | 1 | — | 7,404 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
DEFERRED CREDITS AND OTHER
NONCURRENT LIABILITIES:
|
||||||||||||||||||||
Income taxes
|
1,909 | 5 | 2,784 | — | 4,698 | |||||||||||||||
Asset retirement obligation
|
1,021 | — | 1,514 | — | 2,535 | |||||||||||||||
Other
|
663 | 250 | 828 | (1,000 | ) | 741 | ||||||||||||||
|
||||||||||||||||||||
|
3,593 | 255 | 5,126 | (1,000 | ) | 7,974 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS’ EQUITY
|
26,667 | 1,406 | 18,451 | (19,857 | ) | 26,667 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 39,174 | $ | 2,313 | $ | 27,431 | $ | (22,389 | ) | $ | 46,529 | |||||||||
|
24
All Other | ||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Apache | Apache | of Apache | Reclassifications | |||||||||||||||||
Corporation | Finance Canada | Corporation | & Eliminations | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 6 | $ | — | $ | 128 | $ | — | $ | 134 | ||||||||||
Receivables, net of allowance
|
691 | — | 1,443 | — | 2,134 | |||||||||||||||
Inventories
|
55 | — | 509 | — | 564 | |||||||||||||||
Drilling advances
|
10 | 2 | 247 | — | 259 | |||||||||||||||
Prepaid assets and other
|
3,313 | — | (2,924 | ) | — | 389 | ||||||||||||||
|
||||||||||||||||||||
|
4,075 | 2 | (597 | ) | — | 3,480 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET
|
11,314 | — | 26,837 | — | 38,151 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
OTHER ASSETS:
|
||||||||||||||||||||
Intercompany receivable, net
|
4,695 | — | (3,149 | ) | (1,546 | ) | — | |||||||||||||
Equity in affiliates
|
16,649 | 1,275 | 98 | (18,022 | ) | — | ||||||||||||||
Goodwill, net
|
— | — | 1,032 | — | 1,032 | |||||||||||||||
Deferred charges and other
|
178 | 1,003 | 581 | (1,000 | ) | 762 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 36,911 | $ | 2,280 | $ | 24,802 | $ | (20,568 | ) | $ | 43,425 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
||||||||||||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable
|
$ | 480 | $ | 2 | $ | 1,843 | $ | (1,546 | ) | $ | 779 | |||||||||
Accrued exploration and development
|
274 | — | 1,093 | — | 1,367 | |||||||||||||||
Current debt
|
16 | — | 30 | — | 46 | |||||||||||||||
Current asset retirement obligation
|
317 | — | 90 | — | 407 | |||||||||||||||
Derivative instruments
|
153 | — | 41 | — | 194 | |||||||||||||||
Other accrued expenses
|
400 | 3 | 328 | — | 731 | |||||||||||||||
|
||||||||||||||||||||
|
1,640 | 5 | 3,425 | (1,546 | ) | 3,524 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
LONG-TERM DEBT
|
7,447 | 647 | 1 | — | 8,095 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
DEFERRED
CREDITS AND OTHER NONCURRENT LIABILITIES:
|
||||||||||||||||||||
Income taxes
|
1,803 | 5 | 2,441 | — | 4,249 | |||||||||||||||
Asset retirement obligation
|
1,001 | — | 1,464 | — | 2,465 | |||||||||||||||
Other
|
643 | 250 | 822 | (1,000 | ) | 715 | ||||||||||||||
|
||||||||||||||||||||
|
3,447 | 255 | 4,727 | (1,000 | ) | 7,429 | ||||||||||||||
|
||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS’ EQUITY
|
24,377 | 1,373 | 16,649 | (18,022 | ) | 24,377 | ||||||||||||||
|
||||||||||||||||||||
|
$ | 36,911 | $ | 2,280 | $ | 24,802 | $ | (20,568 | ) | $ | 43,425 | |||||||||
|
25
ITEM 2 | — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Complemented with prior-year acquisition activity, average second-quarter 2011 production of 749 thousand barrels of oil equivalent per day (Mboe/d) set a new record for the Company and represents an increase of 16 percent from second-quarter 2010; | ||
• | Net cash provided by operating activities (operating cash flows or cash flows) totaled $2.7 billion for the second quarter of 2011, up 42 percent from $1.9 billion in the prior-year period. Year-to-date operating cash flows for 2011 totaled $4.7 billion compared to $3.1 billion in 2010; | ||
• | Second-quarter oil and gas production revenues increased 47 percent to $4.4 billion from the prior-year quarter, while first-half 2011 oil and gas production revenues increased 45 percent to $8.2 billion from the comparable prior year period; |
26
• | Pre-tax margin in the second quarter of 2011 was $31.29 per barrel of oil equivalent (boe), up 32 percent from the comparable 2010 period. Pre-tax margin year-to-date 2011 was $30.29 per boe, up 30 percent from the comparable 2010 period. Pre-tax margin is calculated as income before income taxes divided by barrels-equivalent production; |
• | Oil and gas capital expenditures totaled $3.8 billion in the first half of 2011, consistent with the current $8.1 billion budgeted for the full year; and | ||
• | Annualized after-tax return on average capital employed during the second quarter and first half of 2011 was 15 percent and 14 percent, respectively. |
• | Apache continued to accumulate acreage in Alaska’s Cook Inlet and was the successful bidder on approximately 515,000 acres of onshore and offshore state leases during the second quarter. The Company has now accumulated approximately 800,000 gross acres in the Cook Inlet and has current plans to conduct a seismic survey for the area over the next 12 to 18 months. |
• | Apache and its partners entered a unitization agreement to develop the Lucius deepwater discovery. Apache will participate in the unit with an 11.7-percent working interest in Keathley Canyon Blocks 874, 875, 918 and 919. Project sanction is expected later this year, with first production projected for 2014. Under terms of a separate agreement, gas produced from the nearby Hadrian South field will be processed at Lucius in exchange for a handling fee and reimbursement for any required facility upgrades. |
• | On July 12, Apache agreed with Crosstex Energy, L.P. to jointly build an $85 million natural gas processing facility for our expanding Deadwood development in the Permian Basin of west Texas. The plant, in which Apache has a 50-percent interest, is anticipated to become fully operational in the second quarter of 2012 with capacity of 50 million cubic feet of natural gas per day (MMcf/d). This infrastructure will enable Apache to continue its active development program targeting multiple stacked formations, including the Wolfcamp, Cline, Strawn, Atoka and Fusselman. The company currently has 24 rigs operating in the Permian Basin, with 11 dedicated to the Deadwood play. |
• | The Company progressed with the Kitimat liquefied natural gas (LNG) front-end engineering and design (FEED) study and continued its efforts to secure firm sales commitments, licenses and required permits necessary to make a final investment decision on the LNG project during the first quarter of 2012. |
• | On June 16, the Company announced five new field discoveries in the Faghur basin of Egypt’s Western Desert that tested in aggregate over 12,000 barrels of oil per day (b/d) and 19 MMcf/d. On August 4, Apache announced two additional discoveries that tested over 10,000 b/d and 7 MMcf/d. These wells are the most recent in a series of oil discoveries in the AEB, Safa and now Paleozoic reservoirs that support the multi-pay potential of this oil-prone basin. For 2011, Apache has drilled 11 exploration wells in the Faghur basin resulting in nine new field discoveries. The Company plans to drill an additional nine exploration wells in the area by year end. |
• | Apache also announced the AG-96 development well in the Abu Gharadig Concession that tested nearly 3,500 b/d and 1 MMcf/d. This well was drilled on acreage acquired from BP and solidified plans to drill several additional wells in the area by year end. |
27
• | On June 1 Apache’s Halyard-1 gas discovery well commenced production into the Western Australian domestic market. The Halyard development, which utilizes existing pipelines and facilities, was completed ahead of schedule and sets the stage for development of our adjacent Spar field, which is expected to follow in late 2012 as additional capacity becomes available at Varanus Island. |
• | In July Apache and its partners signed long-term agreements with Tokyo Electric Power Company (TEPCO) for the delivery of LNG from the Chevron-operated Wheatstone LNG hub in Western Australia. Under the agreements, Apache and its partners will deliver up to 3.1 million tons per annum (mtpa) of LNG to TEPCO for a period of up to 20 years. Through its 13-percent share in Wheatstone, Apache will supply approximately 0.45 mtpa to TEPCO from its natural gas produced at the Julimar and Brunello fields. A final investment decision is expected in the second half of 2011. |
• | In the second quarter of 2011, the Company sanctioned plans to develop Apache’s Balnaves oil discovery through a new Floating Production Storage and Offloading (FPSO) vessel. The project is expected to deliver initial production of 30,000 b/d in 2014. Apache has a 65-percent working interest in the project. |
• | Scheduled maintenance on the Van Gogh field’s FPSO vessel commenced in early June and was completed in early August. |
• | On July 6, 2011, Apache announced that the Charlie 4-3 and the Delta 3-5 wells commenced production at rates of 12,567 b/d and 8,781 b/d, respectively. These wells are the eighth and ninth development wells brought on production at the Forties field during 2011, where a total of 18 wells are expected to be drilled for the year. The success of the region’s drilling program is supported by a new 4-D time-lapse seismic survey. |
• | In May, Apache’s first horizontal well in the Anticlinal Campamento field in the Neuquén began producing at a rate over 10 MMcf/d. The well was a test of horizontal drilling and multi-stage hydraulic fracturing in the low-permeability Pre-Cuyo formation. Apache continues to evaluate the potential of tight and unconventional gas resources in the Pre-Cuyo, Los Molles and Vaca Muerta formations of the Neuquén basin, which is supported by higher gas prices realized under the Gas Plus program. In the second quarter, Apache’s Gas Plus production was 77 MMcf/d with an average price of $4.93 per thousand cubic feet of natural gas (Mcf). |
28
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||
Value | Contribution | Value | Contribution | Value | Contribution | Value | Contribution | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||
Total Oil Revenues:
|
||||||||||||||||||||||||||||||||
United States
|
$ | 1,050 | 32% | $ | 604 | 27% | $ | 1,968 | 32% | $ | 1,198 | 29% | ||||||||||||||||||||
Canada
|
135 | 4% | 94 | 4% | 250 | 4% | 191 | 5% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
North America
|
1,185 | 36% | 698 | 31% | 2,218 | 36% | 1,389 | 34% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Egypt
|
1,045 | 32% | 682 | 30% | 2,095 | 34% | 1,307 | 31% | ||||||||||||||||||||||||
Australia
|
425 | 13% | 411 | 19% | 756 | 12% | 594 | 14% | ||||||||||||||||||||||||
North Sea
|
567 | 17% | 417 | 18% | 993 | 16% | 804 | 19% | ||||||||||||||||||||||||
Argentina
|
58 | 2% | 50 | 2% | 110 | 2% | 101 | 2% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
International
|
2,095 | 64% | 1,560 | 69% | 3,954 | 64% | 2,806 | 66% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total
(1)
|
$ | 3,280 | 100% | $ | 2,258 | 100% | $ | 6,172 | 100% | $ | 4,195 | 100% | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Gas Revenues:
|
||||||||||||||||||||||||||||||||
United States
|
$ | 405 | 43% | $ | 314 | 48% | $ | 786 | 43% | $ | 680 | 50% | ||||||||||||||||||||
Canada
|
273 | 29% | 139 | 21% | 536 | 30% | 289 | 21% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
North America
|
678 | 72% | 453 | 69% | 1,322 | 73% | 969 | 71% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Egypt
|
157 | 17% | 124 | 19% | 305 | 17% | 240 | 17% | ||||||||||||||||||||||||
Australia
|
45 | 5% | 41 | 6% | 86 | 5% | 82 | 6% | ||||||||||||||||||||||||
North Sea
|
5 | 0% | 4 | 1% | 9 | 0% | 8 | 1% | ||||||||||||||||||||||||
Argentina
|
53 | 6% | 31 | 5% | 90 | 5% | 62 | 5% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
International
|
260 | 28% | 200 | 31% | 490 | 27% | 392 | 29% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total
(2)
|
$ | 938 | 100% | $ | 653 | 100% | $ | 1,812 | 100% | $ | 1,361 | 100% | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Natural Gas Liquids (NGL)
|
||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||
United States
|
$ | 105 | 77% | $ | 44 | 76% | $ | 183 | 73% | $ | 76 | 72% | ||||||||||||||||||||
Canada
|
25 | 18% | 7 | 12% | 49 | 20% | 13 | 12% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
North America
|
130 | 95% | 51 | 88% | 232 | 93% | 89 | 84% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Egypt
|
— | — | — | — | 1 | 0% | — | — | ||||||||||||||||||||||||
Argentina
|
7 | 5% | 7 | 12% | 16 | 7% | 17 | 16% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
International
|
7 | 5% | 7 | 12% | 17 | 7% | 17 | 16% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total
|
$ | 137 | 100% | $ | 58 | 100% | $ | 249 | 100% | $ | 106 | 100% | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Oil and Gas Revenues:
|
||||||||||||||||||||||||||||||||
United States
|
$ | 1,560 | 36% | $ | 962 | 32% | $ | 2,937 | 36% | $ | 1,954 | 35% | ||||||||||||||||||||
Canada
|
433 | 10% | 240 | 8% | 835 | 10% | 493 | 9% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
North America
|
1,993 | 46% | 1,202 | 40% | 3,772 | 46% | 2,447 | 44% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Egypt
|
1,201 | 28% | 806 | 28% | 2,401 | 29% | 1,547 | 27% | ||||||||||||||||||||||||
Australia
|
470 | 11% | 452 | 15% | 842 | 10% | 676 | 12% | ||||||||||||||||||||||||
North Sea
|
572 | 13% | 421 | 14% | 1,002 | 12% | 812 | 14% | ||||||||||||||||||||||||
Argentina
|
119 | 2% | 88 | 3% | 216 | 3% | 180 | 3% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
International
|
2,362 | 54% | 1,767 | 60% | 4,461 | 54% | 3,215 | 56% | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total
|
$ | 4,355 | 100% | $ | 2,969 | 100% | $ | 8,233 | 100% | $ | 5,662 | 100% | ||||||||||||||||||||
|
(1) |
|
Financial derivative hedging activities and the North Sea fixed-price sales
contract decreased oil revenues $148 million and $219 million for the 2011 second quarter and
six-month period, respectively, and $12 million and $26 million for the 2010 second quarter
and six-month period.
|
|
||
(2) |
|
Financial derivative hedging activities increased natural gas revenues $61 million
and $125 million for the 2011 second quarter and six-month period, respectively, and $65
million and $77 million for the 2010 second quarter and six-month period.
|
29
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | |||||||||||||||||||
Oil Volume — b/d:
|
||||||||||||||||||||||||
United States
|
117,257 | 89,529 | 31% | 115,499 | 89,144 | 30% | ||||||||||||||||||
Canada
|
14,408 | 14,561 | (1)% | 14,555 | 14,447 | 1% | ||||||||||||||||||
|
||||||||||||||||||||||||
North America
|
131,665 | 104,090 | 26% | 130,054 | 103,591 | 26% | ||||||||||||||||||
|
||||||||||||||||||||||||
Egypt
|
99,634 | 98,495 | 1% | 104,230 | 94,642 | 10% | ||||||||||||||||||
Australia
|
40,573 | 60,680 | (33)% | 37,663 | 43,978 | (14)% | ||||||||||||||||||
North Sea
|
57,364 | 58,141 | (1)% | 52,195 | 57,995 | (10)% | ||||||||||||||||||
Argentina
|
9,656 | 9,874 | (2)% | 9,636 | 9,897 | (3)% | ||||||||||||||||||
|
||||||||||||||||||||||||
International
|
207,227 | 227,190 | (9)% | 203,724 | 206,512 | (1)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Total
(1)
|
338,892 | 331,280 | 2% | 333,778 | 310,103 | 8% | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Natural Gas Volume — Mcf/d:
|
||||||||||||||||||||||||
United States
|
880,283 | 674,886 | 30% | 869,276 | 673,361 | 29% | ||||||||||||||||||
Canada
|
636,718 | 339,611 | 87% | 639,707 | 326,646 | 96% | ||||||||||||||||||
|
||||||||||||||||||||||||
North America
|
1,517,001 | 1,014,497 | 50% | 1,508,983 | 1,000,007 | 51% | ||||||||||||||||||
|
||||||||||||||||||||||||
Egypt
|
358,870 | 388,367 | (8)% | 365,157 | 375,249 | (3)% | ||||||||||||||||||
Australia
|
179,582 | 203,147 | (12)% | 181,243 | 205,209 | (12)% | ||||||||||||||||||
North Sea
|
2,367 | 2,516 | (6)% | 2,135 | 2,540 | (16)% | ||||||||||||||||||
Argentina
|
215,203 | 183,028 | 18% | 201,722 | 168,953 | 19% | ||||||||||||||||||
|
||||||||||||||||||||||||
International
|
756,022 | 777,058 | (3)% | 750,257 | 751,951 | 0% | ||||||||||||||||||
|
||||||||||||||||||||||||
Total
(2)
|
2,273,023 | 1,791,555 | 27% | 2,259,240 | 1,751,958 | 29% | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Natural Gas
Liquids (NGL) Volume — b/d:
|
||||||||||||||||||||||||
United States
|
21,803 | 11,878 | 84% | 20,534 | 9,374 | 119% | ||||||||||||||||||
Canada
|
5,998 | 1,996 | 201% | 6,270 | 1,866 | 236% | ||||||||||||||||||
|
||||||||||||||||||||||||
North America
|
27,801 | 13,874 | 100% | 26,804 | 11,240 | 138% | ||||||||||||||||||
|
||||||||||||||||||||||||
Egypt
|
(24 | ) | — | NM | 101 | — | NM | |||||||||||||||||
Argentina
|
3,014 | 3,118 | (3)% | 3,035 | 3,204 | (5)% | ||||||||||||||||||
|
||||||||||||||||||||||||
International
|
2,990 | 3,118 | (4)% | 3,136 | 3,204 | (2)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
30,791 | 16,992 | 81% | 29,940 | 14,444 | 107% | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
BOE per day
(3)
|
||||||||||||||||||||||||
United States
|
285,773 | 213,889 | 34% | 280,913 | 210,746 | 33% | ||||||||||||||||||
Canada
|
126,526 | 73,159 | 73% | 127,443 | 70,753 | 80% | ||||||||||||||||||
|
||||||||||||||||||||||||
North America
|
412,299 | 287,048 | 44% | 408,356 | 281,499 | 45% | ||||||||||||||||||
|
||||||||||||||||||||||||
Egypt
|
159,422 | 163,223 | (2)% | 165,190 | 157,184 | 5% | ||||||||||||||||||
Australia
|
70,503 | 94,538 | (25)% | 67,870 | 78,179 | (13)% | ||||||||||||||||||
North Sea
|
57,758 | 58,560 | (1)% | 52,551 | 58,418 | (10)% | ||||||||||||||||||
Argentina
|
48,537 | 43,497 | 12% | 46,291 | 41,260 | 12% | ||||||||||||||||||
|
||||||||||||||||||||||||
International
|
336,220 | 359,818 | (7)% | 331,902 | 335,041 | (1)% | ||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
748,519 | 646,866 | 16% | 740,258 | 616,540 | 20% | ||||||||||||||||||
|
(1) |
|
Approximately 29 and 30 percent of worldwide oil production was subject to
financial derivative hedges for the second quarter and six-month period of 2011, respectively,
and nine and 11 percent for the comparative 2010 second quarter and six-month periods.
|
|
||
(2) |
|
Approximately 16 percent of worldwide natural gas production was subject to
financial derivative hedges for the second quarter and six-month period of 2011, and 23 and 24
percent for the comparative 2010 second quarter and six-month periods.
|
|
||
(3) |
|
The table shows reserves on a barrel of oil equivalent basis (boe) in which
natural gas is converted to an equivalent barrel of oil based on a 6:1 energy equivalent
ratio. This ratio is not reflective of the price ratio between the two products.
|
30
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | |||||||||||||||||||
Average Oil Price — Per barrel:
|
||||||||||||||||||||||||
United States
|
$ | 98.41 | $ | 74.20 | 33% | $ | 94.15 | $ | 74.26 | 27% | ||||||||||||||
Canada
|
102.42 | 70.87 | 45% | 94.78 | 73.10 | 30% | ||||||||||||||||||
North America
|
98.85 | 73.73 | 34% | 94.22 | 74.10 | 27% | ||||||||||||||||||
Egypt
|
115.26 | 76.08 | 51% | 111.05 | 76.27 | 46% | ||||||||||||||||||
Australia
|
115.18 | 74.42 | 55% | 110.92 | 74.58 | 49% | ||||||||||||||||||
North Sea
|
108.44 | 78.78 | 38% | 105.06 | 76.58 | 37% | ||||||||||||||||||
Argentina
|
65.58 | 55.41 | 18% | 62.99 | 56.60 | 11% | ||||||||||||||||||
International
|
111.04 | 75.43 | 47% | 107.22 | 75.05 | 43% | ||||||||||||||||||
Total
(1)
|
106.31 | 74.89 | 42% | 102.15 | 74.74 | 37% | ||||||||||||||||||
|
||||||||||||||||||||||||
Average Natural Gas Price — Per Mcf:
|
||||||||||||||||||||||||
United States
|
$ | 5.05 | $ | 5.11 | (1)% | $ | 4.99 | $ | 5.58 | (11)% | ||||||||||||||
Canada
|
4.71 | 4.51 | 4% | 4.63 | 4.88 | (5)% | ||||||||||||||||||
North America
|
4.91 | 4.91 | 0% | 4.84 | 5.35 | (10)% | ||||||||||||||||||
Egypt
|
4.79 | 3.51 | 36% | 4.61 | 3.54 | 30% | ||||||||||||||||||
Australia
|
2.74 | 2.22 | 23% | 2.62 | 2.22 | 18% | ||||||||||||||||||
North Sea
|
26.41 | 17.15 | 54% | 23.72 | 17.73 | 34% | ||||||||||||||||||
Argentina
|
2.74 | 1.88 | 46% | 2.48 | 2.01 | 23% | ||||||||||||||||||
International
|
3.79 | 2.83 | 34% | 3.61 | 2.88 | 25% | ||||||||||||||||||
Total
(2)
|
4.54 | 4.01 | 13% | 4.43 | 4.29 | 3% | ||||||||||||||||||
|
||||||||||||||||||||||||
Average NGL Price — Per barrel:
|
||||||||||||||||||||||||
United States
|
$ | 52.91 | $ | 40.48 | 31% | $ | 49.22 | $ | 44.63 | 10% | ||||||||||||||
Canada
|
46.63 | 35.76 | 30% | 43.25 | 37.97 | 14% | ||||||||||||||||||
North America
|
51.56 | 39.80 | 30% | 47.82 | 43.52 | 10% | ||||||||||||||||||
Egypt
|
43.53 | — | NM | 65.73 | — | NM | ||||||||||||||||||
Argentina
|
27.64 | 25.68 | 8% | 29.08 | 30.23 | (4)% | ||||||||||||||||||
International
|
27.51 | 25.68 | 7% | 30.26 | 30.23 | 0% | ||||||||||||||||||
Total
|
49.22 | 37.21 | 32% | 45.98 | 40.58 | 13% |
(1) |
|
Reflects a per barrel decrease of $4.80 and $3.63 from derivative
activities and the North Sea fixed-price sales contract for the 2011 second quarter and
six-month period, respectively, and a decrease of $.39 and $.47 from derivative activities for
the comparative 2010 second quarter and six-month period.
|
|
||
(2) |
|
Reflects a per Mcf increase of $.30 and $.31 from derivative activities for
the 2011 second quarter and six-month period, respectively, and an increase of $.39 and $.24
from derivative activities for the comparative 2010 second quarter and six-month period.
|
31
32
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||
(In millions) | (Per boe) | (In millions) | (Per boe) | |||||||||||||||||||||||||||||
Depreciation, depletion and amortization:
|
||||||||||||||||||||||||||||||||
Oil and gas property
|
$ | 960 | $ | 676 | $ | 14.10 | $ | 11.49 | $ | 1,830 | $ | 1,263 | $ | 13.65 | $ | 11.32 | ||||||||||||||||
Other assets
|
69 | 53 | 1.00 | 0.91 | 135 | 105 | 1.01 | 0.94 | ||||||||||||||||||||||||
Asset retirement obligation accretion
|
38 | 25 | 0.57 | 0.42 | 75 | 49 | 0.56 | 0.44 | ||||||||||||||||||||||||
Lease operating costs
|
662 | 446 | 9.72 | 7.58 | 1,285 | 886 | 9.59 | 7.94 | ||||||||||||||||||||||||
Gathering and transportation costs
|
73 | 43 | 1.06 | 0.73 | 149 | 83 | 1.12 | 0.75 | ||||||||||||||||||||||||
Taxes other than income
|
255 | 187 | 3.74 | 3.17 | 419 | 364 | 3.12 | 3.26 | ||||||||||||||||||||||||
General and administrative expense
|
103 | 84 | 1.52 | 1.42 | 215 | 171 | 1.61 | 1.53 | ||||||||||||||||||||||||
Merger, acquisitions & transition
|
6 | 8 | 0.08 | 0.14 | 11 | 8 | 0.09 | 0.07 | ||||||||||||||||||||||||
Financing costs, net
|
41 | 56 | 0.60 | 0.95 | 86 | 115 | 0.64 | 1.03 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total
|
$ | 2,207 | $ | 1,578 | $ | 32.39 | $ | 26.81 | $ | 4,205 | $ | 3,044 | $ | 31.39 | $ | 27.28 | ||||||||||||||||
|
Oil and Gas | ||||
Property DD&A | ||||
(In millions) | ||||
Second-quarter 2010 DD&A
|
$ | 676 | ||
Volume change
|
90 | |||
Rate change
|
168 | |||
Other
|
26 | |||
|
||||
Second-quarter 2011 DD&A
|
$ | 960 | ||
|
33
Per boe | ||||
Second-quarter 2010 LOE
|
$ | 7.58 | ||
Acquisitions, net of associated production
|
(0.21 | ) | ||
Workover costs
|
0.47 | |||
Labor and overhead costs
|
0.43 | |||
FX impact
|
0.33 | |||
Transportation
|
0.21 | |||
Repairs and maintenance
|
0.16 | |||
Non-operated costs
|
0.16 | |||
Power and fuel costs
|
0.11 | |||
Other
|
0.14 | |||
Decreased production, excluding acquisitions
|
0.34 | |||
|
||||
|
||||
Second-quarter 2011 LOE
|
$ | 9.72 | ||
|
For the Quarter Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Canada
|
$ | 41 | $ | 16 | ||||
U.S.
|
15 | 11 | ||||||
Egypt
|
8 | 9 | ||||||
North Sea
|
7 | 6 | ||||||
Argentina
|
2 | 1 | ||||||
|
||||||||
|
||||||||
Total Gathering and Transportation
|
$ | 73 | $ | 43 | ||||
|
For the Quarter Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
U.K. PRT
|
$ | 155 | $ | 130 | ||||
Severance taxes
|
57 | 28 | ||||||
Ad valorem taxes
|
27 | 17 | ||||||
Canadian taxes
|
7 | 3 | ||||||
Other
|
9 | 9 | ||||||
|
||||||||
|
||||||||
Total Taxes other than Income
|
$ | 255 | $ | 187 | ||||
|
34
For the Quarter Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Interest expense
|
$ | 109 | $ | 75 | ||||
Amortization of deferred loan costs
|
1 | 1 | ||||||
Capitalized interest
|
(63 | ) | (18 | ) | ||||
Interest income
|
(6 | ) | (2 | ) | ||||
|
||||||||
|
||||||||
Financing costs, net
|
$ | 41 | $ | 56 | ||||
|
Oil and Gas | ||||
Property DD&A | ||||
(In millions) | ||||
2010 DD&A
|
$ | 1,263 | ||
Volume change
|
216 | |||
Rate change
|
325 | |||
Other
|
26 | |||
|
||||
|
||||
2011 DD&A
|
$ | 1,830 | ||
|
35
Per boe | ||||
2010 LOE
|
$ | 7.94 | ||
Acquisitions, net of associated production
|
(0.23 | ) | ||
FX impact
|
0.32 | |||
Workover costs
|
0.30 | |||
Repairs and maintenance
|
0.29 | |||
Labor and overhead costs
|
0.28 | |||
Chemicals, power and fuel costs
|
0.20 | |||
Transportation
|
0.17 | |||
Other
|
0.32 | |||
|
||||
|
||||
2011 LOE
|
$ | 9.59 | ||
|
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Canada
|
$ | 86 | $ | 32 | ||||
U.S
|
29 | 22 | ||||||
Egypt
|
18 | 15 | ||||||
North Sea
|
12 | 12 | ||||||
Argentina
|
4 | 2 | ||||||
|
||||||||
|
||||||||
Total Gathering and Transportation
|
$ | 149 | $ | 83 | ||||
|
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
U.K. PRT
|
$ | 237 | $ | 253 | ||||
Severance taxes
|
104 | 60 | ||||||
Ad valorem taxes
|
54 | 35 | ||||||
Canadian taxes
|
9 | 1 | ||||||
Other
|
15 | 15 | ||||||
|
||||||||
|
||||||||
Total Taxes other than Income
|
$ | 419 | $ | 364 | ||||
|
36
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Interest expense
|
$ | 217 | $ | 151 | ||||
Amortization of deferred loan costs
|
3 | 3 | ||||||
Capitalized interest
|
(124 | ) | (35 | ) | ||||
Interest income
|
(10 | ) | (4 | ) | ||||
|
||||||||
|
||||||||
Financing costs, net
|
$ | 86 | $ | 115 | ||||
|
37
For the Quarter | For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions, except per share data) | ||||||||||||||||
Income Attributable to Common Stock (GAAP)
|
$ | 1,240 | $ | 860 | $ | 2,355 | $ | 1,565 | ||||||||
|
||||||||||||||||
Adjustments:
|
||||||||||||||||
Foreign currency fluctuation impact on deferred tax expense
|
19 | (31 | ) | 31 | (25 | ) | ||||||||||
Merger, acquisitions & transition, net of tax
|
3 | 5 | 7 | 5 | ||||||||||||
|
||||||||||||||||
Adjusted Earnings (Non-GAAP)
|
$ | 1,262 | $ | 834 | $ | 2,393 | $ | 1,545 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net Income per Common Share — Diluted (GAAP)
|
$ | 3.17 | $ | 2.53 | $ | 6.03 | $ | 4.61 | ||||||||
|
||||||||||||||||
Adjustments:
|
||||||||||||||||
Foreign currency fluctuation impact on deferred tax expense
|
.04 | (.09 | ) | .07 | (.07 | ) | ||||||||||
Merger, acquisitions & transition, net of tax
|
.01 | .02 | .02 | .02 | ||||||||||||
|
||||||||||||||||
Adjusted Earnings Per Share — Diluted (Non-GAAP)
|
$ | 3.22 | $ | 2.46 | $ | 6.12 | $ | 4.56 | ||||||||
|
38
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
Sources of Cash and Cash Equivalents:
|
||||||||
Net cash provided by operating activities
|
$ | 4,724 | $ | 3,085 | ||||
Sale of oil and gas properties
|
192 | — | ||||||
Common stock activity and treasury stock activity
|
42 | 24 | ||||||
Other
|
26 | 22 | ||||||
|
||||||||
|
4,984 | 3,131 | ||||||
|
||||||||
|
||||||||
Uses of Cash and Cash Equivalents:
|
||||||||
Capital expenditures
(1)
|
$ | 3,439 | $ | 2,178 | ||||
Oil and gas acquisitions
|
78 | 1,033 | ||||||
Net commercial paper and bank loan repayments
|
289 | 55 | ||||||
Dividends
|
153 | 101 | ||||||
Other
|
52 | 7 | ||||||
|
||||||||
|
4,011 | 3,374 | ||||||
|
||||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
$ | 973 | $ | (243 | ) | |||
|
(1) The table presents capital expenditures on a cash basis; therefore, the amounts differ from those discussed elsewhere in this document, which include accruals. |
39
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
E&D Costs:
|
||||||||
United States
|
$ | 1,288 | $ | 618 | ||||
Canada
|
434 | 365 | ||||||
|
||||||||
North America
|
1,722 | 983 | ||||||
|
||||||||
|
||||||||
Egypt
|
477 | 305 | ||||||
Australia
|
318 | 295 | ||||||
North Sea
|
421 | 230 | ||||||
Argentina
|
158 | 94 | ||||||
Chile
|
1 | 14 | ||||||
Other International
|
26 | — | ||||||
|
||||||||
International
|
1,401 | 938 | ||||||
|
||||||||
Worldwide E&D Costs
|
3,123 | 1,921 | ||||||
|
||||||||
|
||||||||
Gathering Transmission and Processing Facilities (GTP):
|
||||||||
Canada
|
84 | 72 | ||||||
Egypt
|
54 | 90 | ||||||
Australia
|
119 | 90 | ||||||
Argentina
|
4 | 1 | ||||||
|
||||||||
Total GTP Costs
|
261 | 253 | ||||||
|
||||||||
|
||||||||
Asset Retirement Costs
|
161 | 82 | ||||||
|
||||||||
Capitalized Interest
|
123 | 35 | ||||||
|
||||||||
|
||||||||
Capital Expenditures, excluding acquisitions
|
3,668 | 2,291 | ||||||
|
||||||||
|
||||||||
Acquisitions — Oil and Gas Properties
|
95 | 1,033 | ||||||
|
||||||||
|
||||||||
Asset Retirement Costs — Acquired
|
25 | 233 | ||||||
|
||||||||
|
||||||||
Total Capital Expenditures
|
$ | 3,788 | $ | 3,557 | ||||
|
40
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(In millions of dollars, except as indicated) | ||||||||
Cash and cash equivalents
|
$ | 1,107 | $ | 134 | ||||
Total debt
|
7,852 | 8,141 | ||||||
Shareholders’ equity
|
26,667 | 24,377 | ||||||
Available committed borrowing capacity
|
2,680 | 2,387 | ||||||
Floating-rate debt/total debt
|
9% | 12% | ||||||
Percent of total debt-to-capitalization
|
23% | 25% |
41
42
• | the market prices of oil, natural gas, NGLs and other products or services; | ||
• | our commodity hedging arrangements; | ||
• | the integration of Mariner and the BP properties; | ||
• | increased scrutiny from regulatory agencies due to the BP acquisitions; | ||
• | 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; | ||
• | the significant transaction and acquisition costs related to the Mariner merger and BP property acquisitions; | ||
• | currency exchange rates; | ||
• | weather conditions; | ||
• | inflation rates; | ||
• | the availability of goods and services; | ||
• | legislative or regulatory changes; | ||
• | the impact on our operations due to the change in government in Egypt; | ||
• | 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; and | ||
• | 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 Amended Form 10-K/A, other risks and uncertainties in our second-quarter 2011 earnings release, and other filings that we make with the SEC. |
43
Please refer to both Part I, Item 3 of the Company’s Amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2010 (filed with the SEC on April 7, 2011) and Part I, Item 1 of this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2011 for a description of material legal proceedings. |
During the quarter ending June 30, 2011, there were no material changes from the risk factors as previously disclosed in the Company’s Amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2010. |
None |
None |
None |
44
*10.1
|
— | Apache Corporation Outside Directors’ Retirement Plan, as amended and restated July 21, 2011. | ||
|
||||
*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.INS
|
— | XBRL Instance Document. | ||
|
||||
**101.SCH
|
— | XBRL Taxonomy Schema Document. | ||
|
||||
**101.CAL
|
— | XBRL Calculation Linkbase Document. | ||
|
||||
**101.LAB
|
— | XBRL Label Linkbase Document. | ||
|
||||
**101.PRE
|
— | XBRL Presentation Linkbase Document. | ||
|
||||
**101.DEF
|
— | XBRL Definition Linkbase Document. | ||
|
||||
*
|
Filed herewith | |||
|
||||
**
|
Furnished herewith |
45
APACHE CORPORATION
|
||||
Dated: August 8, 2011 | /s/ Thomas P. Chambers | |||
Thomas P. Chambers | ||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
||||
Dated: August 8, 2011 | /s/ Rebecca A. Hoyt | |||
Rebecca A. Hoyt | ||||
Vice President, Chief Accounting Officer 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 |
---|