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Apache Authors: Liz McMillan, Gil Allouche, William Schmarzo, Christopher Harrold, Elizabeth White

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Apache reports 34 percent growth in onshore North America liquids production in 2013

- Onshore North America liquids production increased 45,600 barrels per day in 2013

HOUSTON, Feb. 13, 2014 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced full-year 2013 earnings of $2.2 billion or $5.50 per diluted common share and adjusted earnings,* which exclude certain items that impact the comparability of results, of $3.2 billion or $7.92 per share. In 2012, Apache reported earnings of $1.9 billion or $4.92 per diluted common share and adjusted earnings of $3.8 billion or $9.48 per share. Net cash provided by operating activities totaled approximately $9.8 billion in 2013, compared with $8.5 billion in the prior year, with cash from operations before changes in operating assets and liabilities* totaling $9.8 billion, compared with $10.3 billion in 2012.

(Logo:  http://photos.prnewswire.com/prnh/20140116/DA47435LOGO)

Apache also reported that onshore North American liquids production increased 34 percent in 2013 and the company replaced 140 percent of 2013 production through drilling.

"Our strong performance is driven by predictable liquids production growth from our North American onshore assets combined with large free cash flow generation from our international operations," said G. Steven Farris, chairman and chief executive officer at Apache. "We increased onshore North America liquids production by 45,600 barrels per day through drilling in 2013, and we replaced 140 percent of worldwide production through the drill bit.

"We made significant strides in focusing our portfolio during the year, exiting production on the Gulf of Mexico Shelf, streamlining our Canada position and establishing our partnership with Sinopec in Egypt," Farris said. "The proceeds of these transactions – which together total approximately $7 billion – have provided the company with additional financial flexibility. The sale of our Argentina operations announced yesterday continues our decisive strategic steps in 2013."

Fourth-quarter 2013 financial results

Apache reported fourth-quarter 2013 earnings of $174 million or 43 cents per share and adjusted earnings* of $631 million or $1.57 per share. For the same period in the prior year, Apache reported earnings of $649 million or $1.64 per diluted common share and adjusted earnings of $907 million or $2.27 per share. Net cash provided by operating activities totaled approximately $2.5 billion, up from $2.1 billion a year earlier, with cash from operations before changes in operating assets and liabilities* totaling $2.1 billion, compared with $2.8 billion in the year-ago period.

Fourth-quarter production and operating highlights

Highlights from fourth quarter drilling include:

  • Total worldwide net daily production of oil, natural gas, and natural gas liquids (NGLs) averaged 688,000 barrels of oil equivalent (boe) per day. Excluding the noncontrolling interest in Egypt operations, production totaled 661,000 boe per day. Liquids production comprised 55 percent of the total.
  • The Permian and Central regions increased liquids production 32,500 barrels per day over the prior-year period. Total production from the two regions – 227,000 boe per day – was 33 percent of Apache's total production.
  • The Permian Region achieved record production averaging 134,000 boe per day, up 13 percent from the prior-year period. The region averaged 43 rigs in operation during the quarter, spud 242 gross wells (83 horizontals) and completed 289 gross wells (235 net).
  • Apache's Central Region's production of 93,000 boe per day was 18 percent above the prior-year period. Liquids production was up 57 percent from the prior-year period. The region averaged 25 drilling rigs and drilled 66 gross (51 net) wells.

Year-end 2013 reserves

Worldwide estimated proved reserves totaled 2.65 billion boe at year-end 2013.  Excluding acquisitions, divestments and revisions, proved reserves increased 4 percent. Extensions and discoveries of 389 million boe were 140 percent of 2013 production.

The Permian Region replaced 323 percent of production through drilling and increased proved reserves by nearly 14 percent to 910 million barrels of oil equivalent (MMboe). The Central Region replaced 195 percent of production and increased proved reserves nearly 14 percent to 304 MMboe.

Impact of Gulf of Mexico Shelf divestiture

On Sept. 30, 2013, Apache completed the sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC, a portfolio company of Riverstone Holdings, for $3.75 billion and assumption of liabilities for future abandonment costs of the properties with an estimated discounted value of $1.5 billion. In addition to reducing production volumes, the divestiture affected the company's fourth-quarter 2013 financial results in these areas:

  • U.S. oil price realizations were impacted by the sale of Shelf production that sold at a premium to the West Texas Intermediate benchmark. Apache's realized oil price in the United States averaged $93.36 per barrel in the fourth quarter, down from $105.82 in the third quarter.
  • Apache's adjusted worldwide effective tax rate* increased to 44 percent as higher-rate international operations made up a larger portion of total income before taxes absent income from Shelf operations. In the third quarter, Apache's adjusted worldwide effective tax rate* was 42 percent.

Oil and gas prices

Apache's mix of hydrocarbon production during the fourth quarter 2013 included approximately 46 percent crude oil and 9 percent natural gas liquids (NGLs). Due to the premium prices received for crude oil and NGLs, these products contributed 83 percent of the company's revenue during the period.

Worldwide, Apache received an average price of $100.59 per barrel of crude oil during the fourth quarter compared with $98.93 per barrel in the prior-year period. Apache received an average price of $3.71 per thousand cubic feet (Mcf) of natural gas, compared with $4.14 per Mcf in the prior-year period.

About Apache

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

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

Conference call

Apache will conduct a conference call to discuss its results and review its portfolio at 1 p.m. Central time on Thursday, Feb. 13. The conference call will be webcast from Apache's website, www.apachecorp.com. The webcast replay will be archived on Apache's website. The conference call will be available for delayed playback by telephone for one week beginning at approximately 4 p.m. Central time on Feb. 13. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 30664028.

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 YPF 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.

Website:  www.apachecorp.com

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(In millions, except per share data)






























For the Quarter 


For the Year



Ended December 31,


Ended December 31,



2013


2012


2013


2012










REVENUES AND OTHER:









  Oil revenues

$    2,914


$    3,386


$   12,903


$    13,210


  Gas revenues

633


854


2,829


3,193


  NGL revenues

181


153


670


544


Oil and gas production revenues

3,728


4,393


16,402


16,947


Derivative instrument gains (losses), net

(124)


(79)


(399)


(79)


Other 

(28)


77


51


210



3,576


4,391


16,054


17,078










COSTS AND EXPENSES:









Depreciation, depletion and amortization









Oil and gas property and equipment









    Recurring

1,208


1,277


5,114


4,812


    Additional

368


28


1,176


1,926


Other assets

113


103


410


371


Asset retirement obligation accretion

47


60


243


232


Lease operating expenses

637


790


3,056


2,968


Gathering and transportation 

60


68


297


303


Taxes other than income

222


235


832


862


General and administrative

127


147


503


531


Merger, acquisitions & transition

33


2


33


31


Financing costs, net

19


40


174


165



2,834


2,750


11,838


12,201










INCOME BEFORE INCOME TAXES

742


1,641


4,216


4,877


Current income tax provision 

474


470


1,665


2,199


Deferred income tax provision

38


503


263


677










NET INCOME INCLUDING NONCONROLLING INTEREST

230


668


2,288


2,001


Preferred stock dividends

-


19


44


76


Net income attributable to noncontrolling interest

56


-


56


-










INCOME ATTRIBUTABLE TO COMMON STOCK

$       174


$       649


$     2,188


$      1,925










NET INCOME PER COMMON SHARE:









Basic

$      0.44


$      1.66


$        5.53


$         4.95


Diluted 

$      0.43


$      1.64


$        5.50


$         4.92










WEIGHTED-AVERAGE NUMBER OF COMMON 








   SHARES OUTSTANDING:









Basic

399


391


395


389


Diluted

401


407


406


391










DIVIDENDS DECLARED PER COMMON SHARE

$      0.20


$      0.17


$        0.80


$         0.68

 



APACHE CORPORATION

SUMMARY OF CAPITAL COSTS INCURRED

(In millions)






























For the Quarter 


For the Year






Ended December 31,


Ended December 31,






2013


2012


2013


2012

CAPITAL EXPENDITURES:










Exploration & Development Costs











United States


$        1,302


$     1,543


$   5,473


$   5,151



Canada


218


131


720


590




North America


1,520


1,674


6,193


5,741



Egypt (1)


353


265


1,166


1,074



Australia


268


355


1,179


873



North Sea


227


183


874


886



Argentina


37


67


182


289



New Ventures - International


(6)


14


22


98




International (1)


879


884


3,423


3,220




Worldwide Exploration & Development Costs (1)

$       2,399


$     2,558


$   9,616


$    8,961














Gathering, Transmission and Processing Facilities











United States


$            49


$          18


$      169


$         75



Canada


24


34


135


172



Egypt (1)


25


18


82


33



Australia


211


103


745


441



Argentina


4


4


11


16



North Sea


1


1


1


1




Total Gathering, Transmission and Processing (1)

$         314


$       178


$   1,143


$       738














Asset Retirement Costs


$           90


$       392


$      484


$       948














Capitalized Interest


$           98


$         93


$      374


$       334














Capital Expenditures, excluding Acquisitions (1)


$      2,901


$     3,221


$ 11,617


$ 10,981














Asset Retirement Costs - Acquired


$              -


$          51


$       53


$        84














Acquisitions


$           59


$        122


$     377


$   3,543













(1)Includes capital costs attributable to noncontrolling interest in Egypt




APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(In millions)












December 31,


December 31,





2013


2012








Cash and Cash Equivalents


$            1,906


$               160

Other Current Assets 


4,460


4,802

Property and Equipment, net


52,421


53,280

Goodwill


1,369


1,289

Other Assets


1,481


1,206

Total Assets


$          61,637


$          60,737








Short-Term Debt


$                 53


$               990

Other Current Liabilities


4,647


4,546

Long-Term Debt


9,672


11,355

Deferred Credits and Other Noncurrent Liabilities


11,872


12,515

Apache Shareholders' Equity


33,396


31,331

Noncontrolling interest


1,997


-

Total Liabilities and Shareholders' Equity


$          61,637


$          60,737








Common shares outstanding at end of period


396


392

 

APACHE CORPORATION

PRODUCTION INFORMATION






























For the Quarter 


For the Year






Ended December 31,


Ended December 31,






2013


2012


2013


2012













  OIL VOLUME - Barrels per day










Central


22,939


21,026


22,783


14,151


Permian


77,703


65,104


72,113


60,215


GOM Deepwater


6,530


8,355


7,386


6,848


GOM Shelf


(27)


44,752


34,099


42,873


GC Onshore


10,397


10,489


10,526


10,036



United States


117,542


149,726


146,907


134,123


Canada


16,570


17,377


17,724


15,830



North America


134,112


167,103


164,631


149,953


Egypt (1)


89,654


103,056


89,561


99,756


Australia


16,760


26,483


19,329


28,884


North Sea


64,996


65,583


63,721


63,692


Argentina


9,276


9,859


9,375


9,741



International (1)


180,686


204,981


181,986


202,073




Total (1)


314,798


372,084


346,617


352,026













  NATURAL GAS VOLUME - Mcf per day










Central


264,786


287,956


272,814


242,998


Permian


191,371


184,781


189,450


180,938


GOM Deepwater


11,378


48,177


19,743


46,048


GOM Shelf


11,167


265,918


192,314


291,356


GC Onshore


104,300


103,722


107,014


92,759



United States


583,002


890,554


781,335


854,099


Canada


421,409


550,495


497,515


600,680



North America


1,004,411


1,441,049


1,278,850


1,454,779


Egypt (1)


352,616


350,406


356,454


353,738


Australia


254,853


204,961


223,433


214,013


North Sea


53,491


43,745


50,961


57,457


Argentina


190,799


204,724


187,390


213,464



International (1)


851,759


803,836


818,238


838,672




Total (1)


1,856,170


2,244,885


2,097,088


2,293,451













  NGL VOLUME - Barrels per day










Central


26,083


10,231


23,034


6,518


Permian


24,115


21,997


23,379


17,966


GOM Deepwater


740


1,519


838


1,185


GOM Shelf


824


6,908


4,911


5,738


GC Onshore


2,640


2,229


2,418


2,120



United States


54,402


42,884


54,580


33,527


Canada


6,395


6,837


6,689


6,258



North America


60,797


49,721


61,269


39,785


North Sea


1,301


1,085


1,272


1,618


Argentina


1,653


2,967


2,102


3,008



International


2,954


4,052


3,374


4,626




Total


63,751


53,773


64,643


44,411













  BOE per day










Central


93,153


79,250


91,286


61,169


Permian


133,713


117,898


127,066


108,338


GOM Deepwater


9,167


17,903


11,515


15,708


GOM Shelf


2,658


95,980


71,062


97,170


GC Onshore


30,421


30,005


30,780


27,615



United States


269,112


341,036


331,709


310,000


Canada


93,199


115,963


107,332


122,201



North America


362,311


456,999


439,041


432,201


Egypt (1)


148,423


161,458


148,970


158,713


Australia


59,236


60,643


56,568


64,552


North Sea


75,212


73,959


73,487


74,887


Argentina


42,729


46,946


42,709


48,326



International (1)


325,600


343,006


321,734


346,478




Total (1)


687,911


800,005


760,775


778,679
















Total excluding noncontrolling interests


661,484


800,005


754,114


778,679














(1)Includes production volume per day attributable to noncontrolling interest in Egypt




Oil (b/d)


15,521


-


3,912


-



Gas (Mcf/d)


65,437


-


16,494


-

 

APACHE CORPORATION

PRICE INFORMATION






























For the Quarter 


For the Year






Ended December 31,


Ended December 31,






2013


2012


2013


2012













  AVERAGE OIL PRICE PER BARREL










Central


$     92.67


$     82.55


$      93.45


$      86.48


Permian


93.44


81.40


93.50


88.18


GOM Deepwater


95.04


103.06


105.04


105.17


GOM Shelf


 NM 


105.27


109.57


108.52


GC Onshore


97.06


105.21


106.09


107.83



United States (1)


93.36


91.01


98.14


94.98


Canada


79.44


82.08


87.00


84.89



North America (1)


91.64


90.08


96.94


93.91


Egypt



108.56


107.80


107.94


110.92


Australia(1)


114.06


111.34


110.42


115.22


North Sea(1)


107.08


106.17


107.48


107.97


Argentina


83.22


74.53


79.05


75.89



International (1)


107.24


106.14


106.55


108.92




Total(1)


100.59


98.93


101.99


102.53













  AVERAGE NATURAL GAS PRICE PER MCF








Central


$        3.62


$        3.79


$        3.72


$         3.26


Permian


3.80


3.75


3.77


3.34


GOM Deepwater


3.61


3.48


3.34


2.99


GOM Shelf


 NM 


3.51


3.82


3.01


GC Onshore


3.69


3.47


3.80


2.92



United States (1)


3.77


4.05


3.84


3.74


Canada (1)


3.34


4.03


3.23


3.42



North America (1)


3.59


4.04


3.61


3.61


Egypt



3.00


4.02


2.99


3.90


Australia


4.15


4.88


4.43


4.55


North Sea


10.58


10.11


10.43


8.95


Argentina


3.11


2.98


2.96


2.87



International


3.85


4.30


3.84


4.15




Total (1)


3.71


4.14


3.70


3.80













  AVERAGE NGL PRICE PER BARREL










Central


$     28.34


$     27.06


$      25.61


$      27.48


Permian


29.90


29.95


27.94


32.97


GOM Deepwater


35.80


32.34


33.23


33.06


GOM Shelf


 NM 


28.17


28.52


32.04


GC Onshore


36.75


36.60


32.44


40.04



United States


29.50


29.40


27.29


32.19


Canada


36.82


33.59


30.50


34.63



North America


30.27


29.98


27.64


32.57


Egypt



-


-


-


-


North Sea


80.43


94.42


73.06


77.11


Argentina


17.68


22.76


23.64


21.55



International


45.31


41.96


42.27


40.98




Total


30.96


30.88


28.40


33.45


























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

 

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)



















Reconciliation of income attributable to common stock to adjusted earnings:

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










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










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,



2013


2012


2013


2012










Income Attributable to Common Stock (GAAP)

$    174


$    649


$ 2,188


$   1,925










Adjustments:









Oil & gas property write-downs, net of tax

139


18


659


1,427


Deferred tax on distributed foreign earnings

225


-


225


-


Commodity derivative mark-to-market, net of tax

54


51


142


51


Deferred tax adjustments

43


226


58


226


Acquisitions, divestitures & transition, net of tax

21


2


21


19


North Sea decommissioning tax rate adjustment

-


-


-


118


Unrealized foreign currency fluctuation impact on deferred tax expense  

(25)


(39)


(123)


1

Adjusted Earnings  (Non-GAAP)

$    631


$    907


$ 3,170


$   3,767










Net Income per Common Share - Diluted (GAAP)

$   0.43


$   1.64


$   5.50


$      4.92










Adjustments:









Oil & gas property write-downs, net of tax

0.35


0.04


1.63


3.53


Deferred tax on distributed foreign earnings

0.56


-


0.55


-


Commodity derivative mark-to-market, net of tax

0.13


0.56


0.35


0.56


Deferred tax adjustments

0.11


-


0.14


0.30


Acquisitions, divestitures & transition, net of tax

0.05


0.13


0.05


0.13


North Sea decommissioning tax rate adjustment

-


-


-


0.04


Unrealized foreign currency fluctuation impact on deferred tax expense  

(0.06)


(0.10)


(0.30)


-

Adjusted Earnings Per Share - Diluted (Non-GAAP)

$   1.57


$   2.27


$   7.92


$      9.48



















Total income tax provision (GAAP)

$    512


$     973


$    1,928


$       2,876











Adjustments:









Tax effect of oil & gas property write-downs

229


10


517


485


Foreign currency fluctuation impact on deferred tax expense

25


39


123


(1)


Tax impact on commodity derivative mark-to-market

30


28


79


28


Tax impact on acquisition, divestitures & transition costs

12


-


12


12


North Sea decommissioning tax rate adjustment

-


-


-


(118)


Deferred tax adjustments

(43)


(226)


(58)


(226)


Deferred tax on distributed foreign earnings

(225)


-


(225)


-

Adjusted total income tax provision

$    540


$     824


$    2,376


$       3,056











Adjusted Effective Tax Rate (Non-GAAP)

44.0%


47.2%


42.1%


44.3%



















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,



2013


2012


2013


2012

Net cash provided by operating activities

$ 2,477


$ 2,082


$ 9,835


$   8,504

Changes in operating assets and liabilities

(400)


721


(81)


1,741

Cash from operations before changes in









operating assets and liabilities

$ 2,077


$ 2,803


$ 9,754


$ 10,245

 



 

APACHE CORPORATION

OIL & GAS RESERVES INFORMATION

For the Year Ended December 31, 2013





















 OIL (Mbbl) 












 U.S. 

 Canada 

Egypt1

 Australia 

 North Sea 

 Argentina 

Total1

Balance - Dec 31, 2012

677,905

150,345

124,034

63,861

147,654

18,826

1,182,625


Extensions and Discoveries

133,227

10,177

43,738

2,539

1,543

998

192,222


Purchases


85

-

5

-

3,623

-

3,713


Revisions


1,683

(531)

457

(118)

18

24

1,533


Production


(53,621)

(6,469)

(32,690)

(7,055)

(23,258)

(3,422)

(126,515)


Sales


(105,463)

(16,630)

-

-

-

-

(122,093)

Balance - Dec 31, 2013

653,816

136,892

135,544

59,227

129,580

16,426

1,131,485











 NGL's (Mbbl) 












 U.S. 

 Canada 

Egypt1

 Australia 

 North Sea 

 Argentina 

Total1

Balance - Dec 31, 2012

215,397

34,254

-

-

2,818

5,883

258,352


Extensions and Discoveries

69,231

4,014

-

-

-

-

73,245


Purchases


45

-

-

-

295

-

340


Revisions


1,591

546

-

-

1

3

2,141


Production


(19,922)

(2,442)

-

-

(464)

(767)

(23,595)


Sales


(18,319)

(303)

-

-

-

-

(18,622)

Balance - Dec 31, 2013

248,023

36,069

-

-

2,650

5,119

291,861











 Oil & NGL's 












 U.S. 

 Canada 

Egypt1

 Australia 

 North Sea 

 Argentina 

Total1

Balance - Dec 31, 2012

893,302

184,599

124,034

63,861

150,472

24,709

1,440,977


Extensions and Discoveries

202,458

14,191

43,738

2,539

1,543

998

265,467


Purchases


130

-

5

-

3,918

-

4,053


Revisions


3,274

15

457

(118)

19

27

3,674


Production


(73,543)

(8,911)

(32,690)

(7,055)

(23,722)

(4,189)

(150,110)


Sales


(123,782)

(16,933)

-

-

-

-

(140,715)

Balance - Dec 31, 2013

901,839

172,961

135,544

59,227

132,230

21,545

1,423,346











 GAS (MMcf) 












 U.S. 

 Canada 

Egypt1

 Australia 

 North Sea 

 Argentina 

Total1

Balance - Dec 31, 2012

3,185,907

2,137,884

895,491

1,670,070

112,304

462,550

8,464,206


Extensions and Discoveries

306,721

359,493

44,382

13,351

2,750

16,515

743,212


Purchases


855

-

-

-

10,680

-

11,535


Revisions


61,247

109,551

2,413

(101)

32

49

173,191


Production


(285,187)

(181,593)

(130,106)

(81,553)

(18,601)

(68,397)

(765,437)


Sales


(596,417)

(691,878)

-

-

-

-

(1,288,295)

Balance - Dec 31, 2013

2,673,126

1,733,457

812,180

1,601,767

107,165

410,717

7,338,412





















TOTAL BOE (Mboe)











 U.S. 

 Canada 

Egypt1

 Australia 

 North Sea 

 Argentina 

Total1

Balance - Dec 31, 2012

1,424,287

540,913

273,283

342,206

169,189

101,801

2,851,679


Extensions and Discoveries

253,578

74,107

51,135

4,764

2,001

3,751

389,336


Purchases


273

-

5

-

5,698

-

5,976


Revisions


13,482

18,274

859

(135)

24

35

32,539


Production


(121,074)

(39,177)

(54,374)

(20,647)

(26,822)

(15,589)

(277,683)


Sales


(223,185)

(132,246)

-

-

-

-

(355,431)

Balance - Dec 31, 2013

1,347,361

461,871

270,908

326,188

150,090

89,998

2,646,416





















Proved developed reserves:









Oil + NGL's (Mbbls)

642,467

106,625

119,242

22,524

102,761

18,305

1,011,924


Gas (Mboe)


334,328

215,737

103,638

104,424

14,696

48,189

821,012

Balance - Dec 31, 2013 (Mboe)

976,795

322,362

222,880

126,948

117,457

66,494

1,832,936











(1) Includes reserves attributable to noncontrolling interest in Egypt.

 

APACHE CORPORATION


OIL & GAS RESERVES AND COSTS


For the Year Ended December 31, 2013
























Reserve Additions (Mboe)












U.S.

Canada

Egypt (1)

Australia

North Sea

Argentina

Other

Total (1)













Extensions and Discoveries

253,578

74,107

51,135

4,764

2,001

3,751

-

389,336


Purchases

273

-

5

-

5,698

-

-

5,976



Additions excluding revisions

253,851

74,107

51,140

4,764

7,699

3,751

-

395,312


Revisions

13,482

18,274

859

(135)

24

35

-

32,539



Total

267,333

92,381

51,999

4,629

7,723

3,786

-

427,851
























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












U.S.

Canada

Egypt (1)

Australia

North Sea

Argentina

Other

Total (1)


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










$ 5,473

$ 720

$ 1,166

$ 1,179

$ 874

$ 182

$ 22

$ 9,616


Acquisitions, excluding ARC - Acquired











Proved

17

-

35

-

72

-

-

124



Unproved

-

137

11

-

17

-

-

165


Total

$ 5,490

$ 857

$ 1,212

$ 1,179

$ 963

$ 182

$ 22

$ 9,905



































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 (1)

Australia

North Sea

Argentina

Other

Total (1)













Exploration & Development Costs (in millions)

$ 6,192

$ 772

$ 1,181

$ 1,165

$ 913

$ 195

$ 22

$ 10,440



Less: Capitalized Interest

(239)

(35)

(15)

(16)

(25)

(10)

-

(340)



Less: ARC

(480)

(17)

-

30

(14)

(3)

-

(484)














Total Adds

$ 5,473

$ 720

$ 1,166

$ 1,179

$ 874

$ 182

$ 22

$ 9,616
























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 (1)

Australia

North Sea

Argentina

Other

Total (1)













Total Acquisition Costs (in millions)











Proved

$ 17

$ -

$ 35

$ -

$ 125

$ -

$ -

$ 177



Unproved

-

137

11

-

17


-

165


Less: ARC - Acquired

-

-

-

-

(53)

-

-

(53)














Acquisitions, excluding ARC - Acquired

$ 17

$ 137

$ 46

$ -

$ 89

$ -

$ -

$ 289
























(1) Includes reserves and costs attributable to noncontrolling interest in Egypt.

 

APA-F

SOURCE Apache Corporation

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