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01.08.2013 14:00:00

Apache Reports Net Income Of $1 Billion, $2.54 Earnings Per Diluted Share, And $2.8 Billion Of Cash Flow For Second-Quarter 2013

HOUSTON, Aug. 1, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA), today announced second-quarter 2013 earnings of $1 billion or $2.54 per diluted common share and adjusted earnings,* which exclude certain items that impact the comparability of results, of $801 million or $2.01 per share. For the same period in the prior year, Apache reported earnings of $337 million or $0.86 per diluted common share and adjusted earnings of $821 million or $2.07 per share. Net cash provided by operating activities came to approximately $2.8 billion, with cash from operations before changes in operating assets and liabilities* totaling $2.6 billion, up from $2.4 billion in the year-ago period.

"We have increased our drilling activities in Texas and Oklahoma to boost production and accelerate cash flow from our crude oil and liquids-rich assets. With our acquisitions in the Permian and Anadarko basins over the last three years, we added to an already formidable, legacy footprint in both of these areas. This gives us an outstanding platform to continue growth in these regions," said G. Steven Farris, chairman and chief executive officer at Apache. "We currently operate 45 rigs in our Permian Region, where second-quarter production was up 18 percent from a year ago, averaging 123,000 barrels of oil equivalent (Boe) per day. In our Central Region, we have ramped up to 35 rigs, and production was up 65 percent from a year ago, averaging 91,000 Boe per day."

Production and operating highlights

Highlights from the three-month period ending June 30, 2013, and more recent drilling include:

  • North American onshore liquids production increased to 175,000 barrels per day, up 42 percent compared with the same period a year ago.
  • In the Permian Basin, production from our Barnhart area has grown substantially, increasing 32 percent from first-quarter 2013 to 4,700 barrels of oil and 13.5 million cubic feet (MMcf) of gas per day. We are currently running six horizontal rigs in the play targeting Upper and Middle Wolfcamp zones.
  • In the Central Region, three Canyon Wash wells drilled last month are testing at a combined rate of more than 4,000 barrels of oil per day from vertical penetrations. The Bivins LIT 115-7 is testing naturally at approximately 885 barrels of oil and 885 thousand cubic feet (Mcf) of natural gas per day. The well is scheduled to be fracture-stimulated later this month. The Bivins LIT 3-3 and the Boys Ranch 116-5 are flowing back after fracture stimulation at 1,467 barrels of oil and 1.3 MMcf of gas and 1,950 barrels of oil and 1.6 MMcf of gas per day, respectively. Over the past two years Apache has built an approximate 100,000 net acreage position in the play.
  • In its international regions, Apache announced today seven new oil and gas discoveries in Egypt, located in four geologic basins and six different concessions. In late July, a third production well came online at the Bacchus development in the North Sea with flow rates of 9,400 barrels of oil per day. Gross production from the Bacchus field, where Apache has a 50 percent working interest, has reached 17,600 barrels of oil per day. A copy of the news releases reporting these results can be accessed at www.apachecorp.com.

Apache's second-quarter 2013 operations supplement includes drilling, production and other updates for each of its 10 regions. The full document can be accessed here www.apachecorp.com/financialdata.

Oil and gas prices

Apache's mix of hydrocarbon production during the second-quarter 2013 included approximately 45 percent crude oil and 9 percent natural gas liquids. Due to the premium prices received for crude oil versus natural gas, liquids contributed 81 percent of the company's revenue during the period.

Worldwide, Apache received an average price of $97.93 per barrel of oil during the second quarter, compared with $97.66 per barrel in the same period of the prior year. Apache received an average price of $3.87 per Mcf of natural gas, up 10 percent from $3.51 per Mcf in the prior-year period.

Portfolio update

"In addition to Apache's operating achievements, we also made significant progress in our portfolio rebalancing plans announced in May," Farris said. "In July, we announced an agreement to sell our Gulf of Mexico Shelf properties to Fieldwood Energy LLC, an affiliate of Riverstone Holdings, for $3.75 billion and Fieldwood's assumption of all asset retirement obligations for these properties, estimated at a discounted value of $1.5 billion. This remains on target to close at the end of September.

"At the end of this portfolio transitioning process, we expect Apache to have an improved asset mix that will drive more predictable production growth and strong returns, and create additional shareholder value for years to come," Farris said.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.

* Adjusted earnings and cash from operations before changes in operating assets and liabilities are non-GAAP measures. Please see reconciliations below. For supplemental financial and operational data and non-GAAP information, please go to http://www.apachecorp.com/financialinfo.

Conference call

Apache will conduct a conference call to discuss its results and review its portfolio at 1 p.m. Central time on Thursday, Aug. 1. The call will be webcast on Apache's website, www.apachecorp.com. A replay of the webcast will be archived on Apache's website and available for delayed playback by telephone for one week beginning at approximately 4 p.m. Central time on Aug. 1. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 84102019.

Forward-looking statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache's operations, including statements about our drilling plans and production expectations, asset sales and monetizations and share repurchases. The transaction with Fieldwood is subject to customary closing conditions and may not be completed for the amount expected, in the anticipated time frame, or at all. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2012 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

 

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(In millions, except per share data)






























For the Quarter 


For the Six Months 



Ended June 30,


Ended June 30,



2013


2012


2013


2012










REVENUES AND OTHER:









Oil revenues

$ 3,196


$ 3,092


$ 6,451


$ 6,604


Gas revenues

769


740


1,504


1,551


NGL revenues

154


124


310


258


Oil and gas production revenues

4,119


3,956


8,265


8,413


Derivative instrument gains (losses), net

247


-


147


-


Other 

17


16


47


95



4,383


3,972


8,459


8,508










COSTS AND EXPENSES:









Depreciation, depletion and amortization









Oil and gas property and equipment









    Recurring

1,311


1,194


2,576


2,329


    Additional

-


648


65


1,169


Other assets

93


90


198


174


Asset retirement obligation accretion

65


57


130


112


Lease operating expenses

829


704


1,600


1,377


Gathering and transportation 

80


72


154


149


Taxes other than income

183


203


425


460


General and administrative

133


132


249


260


Merger, acquisitions & transition

-


16


-


22


Financing costs, net

51


45


104


85



2,745


3,161


5,501


6,137










INCOME BEFORE INCOME TAXES

1,638


811


2,958


2,371


Current income tax provision 

284


460


781


1,185


Deferred income tax provision (benefit)

319


(5)


425


33










NET INCOME 

1,035


356


1,752


1,153


Preferred stock dividends

19


19


38


38










INCOME ATTRIBUTABLE TO COMMON STOCK

$ 1,016


$    337


$ 1,714


$ 1,115










NET INCOME PER COMMON SHARE:









Basic

$   2.59


$   0.87


$   4.37


$   2.88


Diluted 

$   2.54


$   0.86


$   4.30


$   2.86










WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:









Basic

392


389


392


387


Diluted

408


390


408


403










DIVIDENDS DECLARED PER COMMON SHARE

$   0.20


$   0.17


$   0.40


$   0.34










 


 

 

APACHE CORPORATION

SUMMARY OF CAPITAL COSTS INCURRED

(In millions)






























For the Quarter 


For the Six Months 






Ended June 30,


Ended June 30,






2013


2012


2013


2012

CAPITAL EXPENDITURES (1):










Exploration & Development Costs











United States


$   1,413


$            1,392


$ 2,682


$ 2,186



Canada


89


97


347


295




North America


1,502


1,489


3,029


2,481



Egypt


288


260


550


510



Australia


402


175


627


253



North Sea


253


224


430


420



Argentina


52


73


85


157



New Ventures - International


20


12


25


33




International


1,015


744


1,717


1,373




Worldwide Exploration & Development Costs


$   2,517


$            2,233


$ 4,746


$ 3,854














Gathering, Transmission and Processing Facilities











United States


$         32


$                  32


$       50


$       44



Canada


26


42


56


86



Egypt


15


20


34


37



Australia


153


77


333


249



Argentina


2


5


4


9




Total Gathering, Transmission and Processing


$       228


$               176


$    477


$    425














Capitalized Interest


$         90


$                 85


$    183


$    151














Capital Expenditures, excluding Acquisitions


$     2,835


$            2,494


$ 5,406


$ 4,430














Acquisitions


$            -


$            3,302


$    310


$ 3,362














(1) Accrual basis





















APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(In millions)


















June 30,


December 31,










2013


2012


















Cash and Cash Equivalents


$       184


$               160






Other Current Assets 


4,574


4,802






Property and Equipment, net


55,821


53,280






Goodwill


1,369


1,289






Other Assets


1,402


1,206






Total Assets


$ 63,350


$          60,737


















Short-Term Debt


$       478


$               990






Other Current Liabilities


4,680


4,546






Long-Term Debt


12,297


11,355






Deferred Credits and Other Noncurrent Liabilities


13,174


12,515






Shareholders' Equity


32,721


31,331






Total Liabilities and Shareholders' Equity


$ 63,350


$          60,737


















Common shares outstanding at end of period


392


392


















 

 

 

APACHE CORPORATION

PRODUCTION INFORMATION






























For the Quarter 


For the Six Months 






Ended June 30,


Ended June 30,






2013


2012


2013


2012













  OIL VOLUME - Barrels per day










Central


21,950


11,985


21,242


9,234


Permian


68,811


58,391


68,358


57,436


GOM Deepwater


8,223


6,237


7,732


6,019


GOM Shelf


47,721


41,610


45,684


44,097


GC Onshore


10,593


9,455


10,287


10,017



United States


157,298


127,678


153,303


126,803


Canada


18,573


15,277


17,878


15,429



North America


175,871


142,955


171,181


142,232


Egypt


88,002


98,922


89,649


99,206


Australia


21,810


30,497


20,911


30,447


North Sea


63,667


65,996


66,051


65,971


Argentina


9,365


9,583


9,331


9,608



International


182,844


204,998


185,942


205,232




Total 


358,715


347,953


357,123


347,464













  NATURAL GAS VOLUME - Mcf per day










Central


275,507


235,308


276,262


200,585


Permian


190,455


178,068


188,097


179,161


GOM Deepwater


24,957


47,782


28,030


47,389


GOM Shelf


262,318


301,503


258,383


316,822


GC Onshore


107,424


81,752


106,423


86,996



United States


860,661


844,413


857,195


830,953


Canada


520,797


612,064


519,991


624,145



North America


1,381,458


1,456,477


1,377,186


1,455,098


Egypt


357,291


358,985


361,428


367,526


Australia


212,022


211,524


213,202


217,930


North Sea


48,411


64,722


51,704


65,894


Argentina


184,528


224,289


186,383


217,741



International


802,252


859,520


812,717


869,091




Total 


2,183,710


2,315,997


2,189,903


2,324,189













  NGL VOLUME - Barrels per day










Central


23,021


3,962


21,279


3,738


Permian


22,692


16,405


21,644


14,527


GOM Deepwater


1,162


1,474


1,025


865


GOM Shelf


7,641


5,762


6,824


4,678


GC Onshore


2,502


2,062


2,408


2,183



United States


57,018


29,665


53,180


25,991


Canada


6,686


5,844


6,675


6,078



North America


63,704


35,509


59,855


32,069


North Sea


1,201


1,957


1,346


1,962


Argentina


2,239


3,067


2,529


3,030



International


3,440


5,024


3,875


4,992




Total


67,144


40,533


63,730


37,061













  BOE per day










Central


90,888


55,165


88,565


46,403


Permian


123,246


104,475


121,351


101,824


GOM Deepwater


13,545


15,675


13,428


14,782


GOM Shelf


99,082


97,623


95,573


101,579


GC Onshore


30,998


25,142


30,432


26,699



United States


357,759


298,080


349,349


291,287


Canada


112,059


123,131


111,218


125,531



North America


469,818


421,211


460,567


416,818


Egypt


147,551


158,752


149,887


160,460


Australia


57,147


65,751


56,444


66,769


North Sea


72,936


78,741


76,015


78,915


Argentina


42,359


50,031


42,924


48,928



International


319,993


353,275


325,270


355,072




Total 


789,811


774,486


785,837


771,890













 

 

APACHE CORPORATION

PRICE INFORMATION






























For the Quarter 


For the Six Months 






Ended June 30,


Ended June 30,






2013


2012


2013


2012













  AVERAGE OIL PRICE PER BARREL










Central


$ 89.18


$ 88.14


$ 88.69


$ 91.88


Permian


92.08


86.71


87.49


92.44


GOM Deepwater


105.54


105.82


107.83


108.23


GOM Shelf


106.95


109.21


109.19


111.76


GC Onshore


106.22


108.40


108.54


111.06



United States (1)


97.14


94.37


95.84


98.20


Canada


87.38


82.35


84.97


87.46



North America (1)


96.11


93.08


94.70


97.03


Egypt(1)


99.36


98.73


105.25


111.18


Australia(1)


100.79


109.46


106.29


116.20


North Sea(1)


102.95


104.16


106.85


108.67


Argentina


77.74


72.69


76.56


77.88



International (1)


99.67


100.86


104.50


109.56




Total(1)


97.93


97.66


99.80


104.43













  AVERAGE NATURAL GAS PRICE PER MCF










Central


$   3.91


$   2.73


$   3.82


$   2.89


Permian


3.86


2.79


3.81


3.26


GOM Deepwater


3.14


2.34


3.28


2.65


GOM Shelf


4.18


2.47


3.87


2.84


GC Onshore


4.27


2.31


3.91


2.57



United States (1)


4.07


3.33


3.92


3.63


Canada (1)


3.52


2.94


3.37


3.18



North America (1)


3.86


3.17


3.71


3.44


Egypt



3.00


3.75


2.97


3.77


Australia


4.70


4.41


4.82


4.29


North Sea


10.86


9.42


10.41


8.68


Argentina


2.79


2.76


2.99


2.87



International


3.87


4.08


3.93


4.05




Total (1)


3.87


3.51


3.79


3.67













  AVERAGE NGL PRICE PER BARREL










Central


$ 21.69


$ 26.45


$ 23.90


$ 31.63


Permian


25.53


34.36


25.61


38.90


GOM Deepwater


31.26


35.73


32.73


36.14


GOM Shelf


27.21


31.02


27.93


35.59


GC Onshore


28.80


38.28


31.14


42.97



United States


24.46


32.99


25.61


37.51


Canada


24.60


32.07


28.35


37.03



North America


24.48


32.84


25.92


37.42


North Sea


70.39


69.23


70.81


76.69


Argentina


20.94


21.09


26.12


23.61



International


38.19


39.84


41.65


44.47




Total


25.18


33.71


26.87


38.37


























(1)  Prices reflect the impact of financial derivative hedging activities. 






 

 

 

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)



Reconciliation of income attributable to common stock to adjusted earnings:

The press release discusses Apache's adjusted earnings.  Adjusted earnings exclude certain items that management believes affect the comparability of operating results and are meaningful for the following reasons:


Ÿ•

Management uses adjusted earnings to evaluate the company's operational trends and performance relative to other oil and gas producing companies.


Ÿ•

Management believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings for items that may obscure underlying fundamentals and trends.  


•Ÿ

The reconciling items below are the types of items management believes are frequently excluded by analysts when evaluating the operating trends and comparability of the company's results.





For the Quarter 


For the Six Months 



Ended June 30,


Ended June 30,



2013


2012


2013


2012










Income Attributable to Common Stock (GAAP)

$ 1,016


$    337


$ 1,714


$ 1,115










Adjustments:









Deferred tax adjustments

7


-


46


-


Oil & gas property write-downs, net of tax

-


480


42


870


Merger, acquisitions & transition, net of tax

-


10


-


13


Unrealized foreign currency fluctuation impact on deferred tax expense  

(66)


(6)


(70)


1


Commodity derivative mark-to-market, net of tax

(156)


-


(125)


-

Adjusted Earnings  (Non-GAAP)

$    801


$    821


$ 1,607


$ 1,999










Net Income per Common Share - Diluted (GAAP)

$   2.54


$   0.86


$   4.30


$   2.86










Adjustments:









Deferred tax adjustments

0.01


-


0.11


-


Oil & gas property write-downs, net of tax

-


1.19


0.10


2.16


Merger, acquisitions & transition, net of tax

-


0.03


-


0.03


Unrealized foreign currency fluctuation impact on deferred tax expense  

(0.16)


(0.01)


(0.17)


0.01


Commodity derivative mark-to-market, net of tax

(0.38)


-


(0.31)


-

Adjusted Earnings Per Share - Diluted (Non-GAAP)

$   2.01


$   2.07


$   4.03


$   5.06






































Reconciliation of net cash provided by operating activities to cash from operations before changes in operating assets and liabilities:

The press release discusses Apache's cash from operations before changes in operating assets and liabilities. It is presented because management believes the information is useful for investors because it is used internally and widely accepted by those following the oil and gas industry as a financial indicator of a company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt.  It is also used by research analysts to value and compare oil and gas exploration and production companies, and is frequently included in published research when providing investment recommendations.  Cash from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity, but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities.


The following table reconciles net cash provided by operating activities to cash from operations before changes in operating assets and liabilities.




For the Quarter 


For the Six Months 



Ended June 30,


Ended June 30,



2013


2012


2013


2012

Net cash provided by operating activities

$ 2,759


$ 2,792


$ 5,380


$ 4,799

Changes in operating assets and liabilities

(161)


(414)


(424)


227

Cash from operations before changes in operating assets and liabilities

$ 2,598


$ 2,378


$ 4,956


$ 5,026

APA-F

 

 

SOURCE Apache Corporation

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