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Apache Achieves Record Fourth Quarter And 2012 Production; Fourth Quarter Production Averaged 800,000 BOEPD

HOUSTON, Feb. 14, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported record overall production for its fourth consecutive year, as well as record oil and liquids production. Average daily production during 2012 increased to 779,000 barrels of oil equivalent (boe) per day, up 5.4 percent compared with the prior year's production, adjusted for dispositions. Oil and gas revenues were a record $16.9 billion, up from $16.8 billion in the prior year.

These results contributed to full-year 2012 earnings of $1.9 billion or $4.92 per diluted common share, compared with $4.5 billion or $11.47 per share in 2011. Excluding certain items that management believes affect the comparability of operating results, such as the impact of a ceiling test write-down due primarily to substantially weaker Canadian natural gas prices, Apache reported adjusted earnings* of $3.8 billion or $9.48 per share, compared with $4.7 billion or $11.83 per share in 2011. Cash from operations before changes in operating assets and liabilities* was $10.2 billion, sustaining the record level achieved the prior year even with lower average North American natural gas prices.

"Having deepened and strengthened our global portfolio of growth projects since 2010, we are accelerating our operational momentum," said G. Steven Farris, chairman and chief executive officer. "Apache exited 2012 producing in excess of 800,000 boe per day, driven primarily by our North American oil production, which increased 12 percent during the year.

"We have an extensive pipeline of opportunities that will fuel our profitable growth for years to come. This includes more than 67,000 technically evaluated drilling locations in the onshore U.S. It also includes a robust group of world-class development projects throughout our global portfolio, including Wheatstone and Kitimat, our two liquefied natural gas projects with products indexed to crude oil prices."

Apache has become the leading oil and gas driller in the Permian Basin, operating more rigs than any industry competitor. Apache also is among the most active oil and gas companies in the Central Region's Anadarko Basin, as the company accelerates development of its horizontal drilling play inventory. Year-over-year production from these two regions increased 18 and 37 percent, respectively.

Earlier this month, a company subsidiary completed a transaction with Chevron Canada Ltd. to jointly build and operate the Kitimat LNG project, enhancing our efforts to move this project to sanction and monetize natural gas resources we discovered in the Horn River and Liard basins of northern British Columbia. The incremental resources targeted for monetization through Kitimat have the potential to triple Apache's total proved reserves.

In fourth-quarter 2012 earnings totaled $649 million or $1.64 per diluted share, compared with $1.17 billion or $2.98 per share in the prior-year period. Adjusted earnings for the period were $907 million, or $2.27 per share, compared with $1.2 billion, or $2.94 per share in the same period for 2011. Production reached a new quarterly milestone, averaging 800,000 boe per day, and cash from operations totaled $2.77 billion, compared with $2.66 billion in the same period of the prior year.

Apache's oil and natural gas liquids production was 51 percent of total volume in 2012 and contributed 81 percent of revenues reflecting the wide gap between global crude oil and North American natural gas prices.

During 2012 the company added 372 MMboe of reserves, or 131 percent of production, through discoveries and extensions and 73 MMboe through acquisitions for a reserve replacement rate of 156 percent, excluding revisions. Low prices throughout the year for Canadian natural gas resulted in a ceiling test write-down and were the primary driver of negative revisions totaling 299 MMboe. Apache ended the year with proved reserves of 2.9 billion boe, after producing 285 MMboe. The company invested $9.0 billion on exploration and development during the year.

Apache to webcast conference call

Apache Corporation will discuss its fiscal 2012 and fourth-quarter results at 1 p.m. Central time on Thursday, Feb. 14. The conference call will be webcast from Apache's website www.apachecorp.com. The webcast replay will be archived on Apache's website. The conference call will be available for delayed playback by telephone for one week beginning at approximately 4 p.m. on Feb. 14. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 84095210.

About Apache

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

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 growth plans, expectations, and objectives for Apache's operations including statements about our drilling plans, planned wells, and Wheatstone and Kitimat LNG projects.  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 2011 Form 10-K and our subsequent filings 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.

Cautionary Note to Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. Apache uses certain terms in this release, such as "resources," and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC.  Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apache's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2011, and amendments thereto, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

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

 

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(In millions, except per share data)





















For the Quarter 


For the Year



Ended December 31,


Ended December 31,



2012


2011


2012


2011










REVENUES AND OTHER:









Oil and gas production revenues

$ 4,393


$ 4,295


$ 16,947


$ 16,810


Other 

(2)


2


131


78



4,391


4,297


17,078


16,888










COSTS AND EXPENSES:









Depreciation, depletion and amortization









    Recurring

1,380


1,111


5,183


4,095


    Additional

28


63


1,926


109


Asset retirement obligation accretion

60


40


232


154


Lease operating expenses

790


659


2,968


2,605


Gathering and transportation 

68


75


303


296


Taxes other than income

235


236


862


899


General and administrative

147


132


531


459


Merger, acquisitions & transition

2


5


31


20


Financing costs, net

40


35


165


158



2,750


2,356


12,201


8,795










INCOME BEFORE INCOME TAXES

1,641


1,941


4,877


8,093


Current income tax provision 

506


571


2,235


2,263


Deferred income tax provision

467


181


641


1,246










NET INCOME 

668


1,189


2,001


4,584


Preferred stock dividends

19


19


76


76










INCOME ATTRIBUTABLE TO COMMON STOCK

$     649


$ 1,170


$   1,925


$   4,508










NET INCOME PER COMMON SHARE:









Basic

$    1.66


$    3.05


$      4.95


$   11.75


Diluted 

$    1.64


$    2.98


$      4.92


$   11.47










WEIGHTED-AVERAGE NUMBER OF COMMON 








   SHARES OUTSTANDING:









Basic

391


384


389


384


Diluted

407


400


391


400










DIVIDENDS DECLARED PER COMMON SHARE

$    0.17


$    0.15


$      0.68


$      0.60

 

APACHE CORPORATION

SUMMARY OF CAPITAL COSTS INCURRED

(In millions)
















For the Quarter 


For the Year





Ended December 31,


Ended December 31,





2012


2011


2012


2011

CAPITAL EXPENDITURES:









Exploration & Development Costs










United States

$                 1,543


$                    792


$               5,151


$                     2,768



Canada

131


208


590


817




North America

1,674


1,000


5,741


3,585



Egypt

265


222


1,074


896



Australia

355


131


873


576



North Sea

183


205


886


823



Argentina

67


101


289


346



New Ventures - International

14


12


98


61




International

884


671


3,220


2,702




Worldwide Exploration & Development Costs

$                 2,558


$                 1,671


$               8,961


$                     6,287













Gathering, Transmission and Processing Facilities










United States

$                      18


$                      18


$                     75


$                           27



Canada

34


35


172


148



Egypt

18


37


33


111



Australia

103


90


441


345



Argentina

4


5


16


12



North Sea

1


-


1


-




Total Gathering, Transmission and Processing

$                    178


$                    185


$                   738


$                         643













Capitalized Interest

$                      93


$                      70


$                   334


$                         263













Capital Expenditures, excluding Acquisitions

$                 2,829


$                 1,926


$             10,033


$                     7,193













Acquisitions

$                    122


$                 2,696


$               3,543


$                     3,189























APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(In millions)
















December 31,


December 31,









2012


2011

















Cash and Cash Equivalents

$                    160


$                    295






Other Current Assets 

4,802


4,508






Property and Equipment, net

53,280


45,448






Goodwill

1,289


1,114






Other Assets

1,206


686






Total Assets

$              60,737


$              52,051

















Short-Term Debt

$                    990


$                    431






Other Current Liabilities

4,546


4,532






Long-Term Debt

11,355


6,785






Deferred Credits and Other Noncurrent Liabilities

12,515


11,310






Shareholders' Equity

31,331


28,993






Total Liabilities and Shareholders' Equity

$              60,737


$              52,051

















Common shares outstanding at end of period

392


384





 

APACHE CORPORATION

PRODUCTION INFORMATION


















For the Quarter 


For the Year






Ended December 31,


Ended December 31,






2012


2011


2012


2011













  OIL VOLUME - Barrels per day









Central


21,026


7,323


14,151


6,788


Permian


65,104


54,381


60,215


50,991


GOM Deepwater

8,355


6,507


6,848


6,022


GOM Shelf

44,752


47,780


42,873


46,031


GC Onshore

10,489


10,189


10,036


9,583



United States

149,726


126,180


134,123


119,415


Canada


17,377


14,882


15,830


14,252



North America

167,103


141,062


149,953


133,667


Egypt


103,056


103,908


99,756


103,912


Australia


26,483


38,169


28,884


38,228


North Sea

65,583


55,859


63,692


54,541


Argentina


9,859


9,655


9,741


9,597



International

204,981


207,591


202,073


206,278




Total 

372,084


348,653


352,026


339,945













  NATURAL GAS VOLUME - Mcf per day









Central


287,956


193,722


242,998


213,447


Permian


184,781


178,766


180,938


173,188


GOM Deepwater

48,177


48,144


46,048


52,193


GOM Shelf

265,918


335,434


291,356


341,242


GC Onshore

103,722


106,505


92,759


84,672



United States

890,554


862,571


854,099


864,742


Canada


550,495


631,122


600,680


632,550



North America

1,441,049


1,493,693


1,454,779


1,497,292


Egypt


350,406


355,091


353,738


365,418


Australia


204,961


189,852


214,013


185,079


North Sea

43,745


2,366


57,457


2,284


Argentina


204,724


221,523


213,464


212,311



International

803,836


768,832


838,672


765,092




Total 

2,244,885


2,262,525


2,293,451


2,262,384













  NGL VOLUME - Barrels per day









Central


10,231


5,566


6,518


2,268


Permian


21,997


12,256


17,966


11,799


GOM Deepwater

1,519


582


1,185


715


GOM Shelf

6,908


4,446


5,738


5,278


GC Onshore

2,229


2,556


2,120


2,051



United States

42,884


25,406


33,527


22,111


Canada


6,837


5,183


6,258


5,958



North America

49,721


30,589


39,785


28,069


Egypt


-


-


-


49


North Sea

1,085


-


1,618


4


Argentina


2,967


2,997


3,008


3,018



International

4,052


2,997


4,626


3,071




Total

53,773


33,586


44,411


31,140













  BOE per day









Central


79,250


45,176


61,169


44,630


Permian


117,898


96,431


108,338


91,655


GOM Deepwater

17,903


15,114


15,708


15,436


GOM Shelf

95,980


108,132


97,170


108,183


GC Onshore

30,005


30,495


27,615


25,746



United States

341,036


295,348


310,000


285,650


Canada


115,963


125,252


122,201


125,636



North America

456,999


420,600


432,201


411,286


Egypt



161,458


163,090


158,713


164,864


Australia


60,643


69,812


64,552


69,074


North Sea

73,959


56,253


74,887


54,925


Argentina


46,946


49,572


48,326


48,000



International

343,006


338,727


346,478


336,863




Total 

800,005


759,327


778,679


748,149

 

APACHE CORPORATION

PRICE INFORMATION


















For the Quarter 


For the Year






Ended December 31,


Ended December 31,






2012


2011


2012


2011













  AVERAGE OIL PRICE PER BARREL









Central


$ 82.55


$  89.36


$  86.48


$  89.89


Permian


81.40


89.99


88.18


90.87


GOM Deepwater

103.06


112.77


105.17


106.75


GOM Shelf

105.27


115.70


108.52


108.92


GC Onshore

105.21


112.66


107.83


105.98



United States (1)

91.01


99.54


94.98


95.51


Canada


82.08


94.38


84.89


93.19



North America (1)

90.08


98.99


93.91


95.27


Egypt(1)


107.80


106.65


110.92


109.92


Australia(1)

111.34


109.53


115.22


111.22


North Sea(1)

106.17


104.64


107.97


104.09


Argentina


74.53


76.67


75.89


68.02



International (1)

106.14


105.24


108.92


106.67




Total(1)

98.93


102.71


102.53


102.19













  AVERAGE NATURAL GAS PRICE PER MCF









Central


$    3.79


$    3.92


$    3.26


$    4.44


Permian


3.75


5.05


3.34


5.17


GOM Deepwater

3.48


3.48


2.99


4.06


GOM Shelf

3.51


3.86


3.01


4.42


GC Onshore

3.47


3.73


2.92


4.34



United States (1)

4.05


4.59


3.74


4.91


Canada (1)

4.03


4.15


3.42


4.47



North America (1)

4.04


4.40


3.61


4.72


Egypt



4.02


4.82


3.90


4.66


Australia


4.88


2.64


4.55


2.69


North Sea

10.11


20.49


8.95


22.25


Argentina


2.98


2.82


2.87


2.64



International

4.30


3.75


4.15


3.67




Total (1)

4.14


4.18


3.80


4.37













  AVERAGE NGL PRICE PER BARREL









Central


$ 27.06


$  29.96


$  27.48


$  38.67


Permian


29.95


39.09


32.97


47.88


GOM Deepwater

32.34


58.28


33.06


50.44


GOM Shelf

28.17


55.07


32.04


49.63


GC Onshore

36.60


56.08


40.04


58.51



United States

29.40


42.03


32.19


48.42


Canada


33.59


50.16


34.63


45.72



North America

29.98


43.41


32.57


47.85


Egypt



-


-


-


66.36


North Sea

94.42


-


77.11


65.45


Argentina


22.76


27.00


21.55


27.90



International

41.96


27.00


40.98


28.56




Total

30.88


41.95


33.45


45.95

























(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 Year





Ended December 31,


Ended December 31,





2012


2011


2012


2011













Income Attributable to Common Stock (GAAP)

$     649


$ 1,170


$   1,925


$   4,508












Adjustments:









Canada and other oil & gas property write-down, net of tax

18


60


1,427


60


Deferred tax adjustments

226


(75)


226


(75)


U.K. income tax adjustments

-


-


118


218


Commodity derivative mark-to-market, net of tax

51


-


51


-


Merger, acquisitions & transition, net of tax

2


4


19


13


Unrealized foreign currency fluctuation impact on deferred tax expense  

(39)


(5)


1


(73)

Adjusted Earnings  (Non-GAAP)

$     907


$ 1,154


$   3,767


$   4,651











Net Income per Common Share - Diluted (GAAP)

$    1.64


$    2.98


$      4.92


$   11.47











Adjustments:









Canada and other oil & gas property write-down, net of tax

0.04


0.15


3.53


0.15


Deferred tax adjustments

0.56


(0.19)


0.56


(0.19)


U.K. income tax adjustments

-


-


0.30


0.55


Commodity derivative mark-to-market, net of tax

0.13


-


0.13


-


Merger, acquisitions & transition, net of tax

-


0.01


0.04


0.03


Unrealized foreign currency fluctuation impact on deferred tax expense  

(0.10)


(0.01)


-


(0.18)

Adjusted Earnings Per Share - Diluted (Non-GAAP)

$    2.27


$    2.94


$      9.48


$   11.83









































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 Year





Ended December 31,


Ended December 31,





2012


2011


2012


2011

Net cash provided by operating activities

$ 2,082


$ 2,782


$   8,504


$   9,953

Changes in operating assets and liabilities

685


(118)


1,705


281

Cash from operations before changes in operating assets and liabilities

$ 2,767


$ 2,664


$ 10,209


$ 10,234

 

APACHE CORPORATION


OIL & GAS RESERVES INFORMATION


For the Year Ended December 31, 2012















 OIL (Mbbl) 














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Total 



Balance - Dec 31, 2011


634,014

141,591

128,035

67,945

169,405

20,587

1,161,577




Extensions and Discoveries


84,656

18,935

36,188

6,277

346

1,133

147,535




Purchases


15,942

188

-

276

2,143

-

18,549




Revisions


(7,474)

(4,577)

(3,678)

(66)

(928)

671

(16,052)




Production


(49,089)

(5,792)

(36,511)

(10,571)

(23,312)

(3,565)

(128,840)




Sales


(144)

-

-

-

-

-

(144)



Balance - Dec 31, 2012


677,905

150,345

124,034

63,861

147,654

18,826

1,182,625















 NGL's (Mbbl) 














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Total 



Balance - Dec 31, 2011


160,033

31,450

-

-

9,262

7,153

207,898




Extensions and Discoveries


71,965

7,655

-

-

246

-

79,866




Purchases


230

9

-

-

231

-

470




Revisions


(4,559)

(2,569)

-

-

(6,329)

(169)

(13,626)




Production


(12,272)

(2,291)

-

-

(592)

(1,101)

(16,256)



Balance - Dec 31, 2012


215,397

34,254

-

-

2,818

5,883

258,352















 Oil & NGL's 














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Total 



Balance - Dec 31, 2011


794,047

173,041

128,035

67,945

178,667

27,740

1,369,475




Extensions and Discoveries


156,621

26,590

36,188

6,277

592

1,133

227,401




Purchases


16,172

197

-

276

2,374

-

19,019




Revisions


(12,033)

(7,146)

(3,678)

(66)

(7,257)

502

(29,678)




Production


(61,361)

(8,083)

(36,511)

(10,571)

(23,904)

(4,666)

(145,096)




Sales


(144)

-

-

-

-

-

(144)



Balance - Dec 31, 2012


893,302

184,599

124,034

63,861

150,472

24,709

1,440,977















 GAS (MMcf) 














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Total 



Balance - Dec 31, 2011


2,976,211

3,547,511

982,966

1,569,584

108,442

537,559

9,722,273




Extensions and Discoveries


365,863

252,130

55,967

176,969

16,397

2,623

869,949




Purchases


313,885

2,503

-

1,745

8,494

-

326,627




Revisions


(156,840)

(1,443,989)

(13,974)

101

-

496

(1,614,206)




Production


(312,600)

(219,849)

(129,468)

(78,329)

(21,029)

(78,128)

(839,403)




Sales


(612)

(422)

-

-

-

-

(1,034)



Balance - Dec 31, 2012


3,185,907

2,137,884

895,491

1,670,070

112,304

462,550

8,464,206



























TOTAL BOE (Mboe)














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Total 



Balance - Dec 31, 2011


1,290,082

764,293

291,863

329,542

196,741

117,333

2,989,854




Extensions and Discoveries


217,598

68,612

45,516

35,772

3,325

1,570

372,393




Purchases


68,486

614

-

567

3,790

-

73,457




Revisions


(38,173)

(247,811)

(6,007)

(49)

(7,257)

585

(298,712)




Production


(113,461)

(44,725)

(58,089)

(23,626)

(27,409)

(17,687)

(284,997)




Sales


(246)

(70)

-

-

-

-

(316)



Balance - Dec 31, 2012


1,424,286

540,913

273,283

342,206

169,190

101,801

2,851,679



























Proved developed reserves:












Oil + NGL's (Mbbls)


629,345

101,691

106,746

29,053

122,073

20,852

1,009,760




Gas (Mboe)


392,264

289,109

115,073

99,342

15,554

60,843

972,185



Balance - Dec 31, 2012 (Mboe)


1,021,609

390,800

221,819

128,395

137,627

81,695

1,981,945


 

APACHE CORPORATION


OIL & GAS RESERVES AND COSTS 


For the Year Ended December 31, 2012


























Reserve Additions (Mboe)














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Other 

 Total 














Extensions and Discoveries


217,598

68,612

45,516

35,772

3,325

1,570

-

372,393


Purchases


68,486

614

-

567

3,790

-

-

73,457



Additions excluding revisions


286,084

69,226

45,516

36,339

7,115

1,570

-

445,850


Revisions


(38,173)

(247,811)

(6,007)

(49)

(7,257)

585

-

(298,712)



Total 


247,911

(178,585)

39,509

36,290

(142)

2,155

-

147,138


























Capital Cost Information (Non-GAAP) (in millions)














 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Other 

 Total 


Exploration & Development, excluding Capitalized Interest and Asset Retirement Cost (ARC) (1)










$     5,151

$        590

$  1,074

$        873

$          886

$         289

$     98

$     8,961


Acquisitions, excluding ARC - Acquired











Proved


1,071

5

28

4

59

-

-

1,167



Unproved


2,329

-

-

-

26

-

-

2,355


     Total


$     8,551

$        595

$  1,102

$        877

$          971

$         289

$     98

$  12,483














(1)  Includes capital spending of $1.1 billion for leasehold and $365 million for seismic.

























Reconciliation of Exploration and Development Costs to Exploration and Development Costs, excluding Capitalized Interest and Asset Retirement Cost, a Non-GAAP Financial Measure















Presented below is a reconciliation of exploration and development costs (GAAP) to exploration and development costs, excluding capitalized interest and asset retirement cost (Non-GAAP).  Management believes exploration and development costs, excluding capitalized interest and asset retirement cost is a more accurate reflection of the expenditures during the current year.  































 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Other 

 Total 














Exploration & Development Costs (in millions)


$     5,834

$        873

$  1,090

$     1,064

$          948

$         318

$     98

$  10,225



Less: Capitalized Interest


(215)

(38)

(16)

(12)

(24)

(11)

-

(316)



Less: ARC


(468)

(245)

-

(179)

(38)

(18)

-

(948)















   Total Adds


$     5,151

$        590

$  1,074

$        873

$          886

$         289

$     98

$     8,961


























Reconciliation of Total Acquisition Costs to Acquisitions, excluding Asset Retirement Cost - Acquired, a Non-GAAP Financial Measure















Presented below is a reconciliation of total acquisition costs (GAAP) to acquisitions, excluding asset retirement cost - acquired (Non-GAAP).  Management believes acquisitions, excluding asset retirement cost - acquired is a more accurate reflection of the costs of acquisitions during the current year. 



















 U.S. 

 Canada 

 Egypt 

 Australia 

 North Sea 

 Argentina 

 Other 

 Total 














Total Acquisition Costs (in millions)












Proved


$     1,076

$             5

$       28

$          32

$          110

$             -

$      -

$     1,251



Unproved


2,329

-

-

-

26


-

2,355


Less: ARC - Acquired


(5)

-

-

(28)

(51)

-

-

(84)















Acquisitions, excluding ARC - Acquired

$     3,400

$             5

$       28

$             4

$            85

$             -

$      -

$     3,522


 

APA-F

SOURCE Apache Corporation

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