Common-Size Income Statement
Quarterly Data
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Anadarko Petroleum Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Anadarko Petroleum Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Sales Revenue Composition
- The proportion of oil sales as a percentage of total sales revenues generally declined over the analyzed period, decreasing from a high of approximately 69% in mid-2012 to values around the mid-50% range towards 2016 and 2017. Conversely, natural gas sales showed variability but trended downward in the latest periods, with notable peaks near 28% during early 2014 followed by declines to about 10% by late 2017. Natural gas liquids sales percentages remained relatively stable, generally fluctuating within an 8% to 11% range. Gathering, processing, and marketing sales steadily increased as a proportion of revenues, rising from around 6-7% in early years to near 19-20% by late 2017.
- Cost Structure Trends
- Costs directly related to oil and gas operations as a portion of sales revenues showed an overall increasing trend, especially marked after 2013, with oil and gas operating costs reaching levels above -12% by 2016. Transportation and gathering costs also rose, with transportation costs increasing notably from around -6% to almost -15% by mid-2016, and gathering, processing, and marketing costs similarly rising from about -5.5% to approximately -15% in some quarters. The total cost of sales revenues escalated significantly from roughly -20% in earlier periods to as much as -40.7% in 2016, evidencing heightened cost pressures.
- Profitability Measures
- Gross profit margins were relatively strong in the early period, remaining above 79%, but declined substantially starting in 2014, falling to levels near 60% or below by 2016 and 2017. Operating income experienced marked volatility; severely negative figures appeared in 2014 and 2015, with operating losses reaching down to roughly -162%, then remaining negative or near zero in subsequent periods. Net income attributable to common stockholders fluctuated greatly, posting strong positive results in early 2012 and 2013 but shifting to significant losses from 2014 onwards, culminating in deep negative values exceeding -100% around 2014 and continuing with substantial losses through 2017.
- Exploration and Other Expenses
- Exploration costs showed considerable variation and significant spikes in negative impact, notably in late 2014 and 2015 with losses as high as nearly -49%, followed by somewhat smaller but still elevated negative amounts in later years. General and administrative expenses steadily increased, particularly with a sharp rise around 2016 where it nearly doubled from earlier levels. Depreciation, depletion, and amortization demonstrated a pronounced upward trend in proportion to sales revenues, starting near -27% in 2012 and peaking extremely around -70% by early 2016 before stabilizing somewhat below -42% toward 2017. Impairments were notably volatile with extreme negative percentages such as nearly -108% in early 2015 and other significant spikes, indicating substantial asset write-downs in some periods.
- Non-Operating Items
- Gains and losses on divestitures and other non-operating items showed exceptional unpredictability, with very large positive spikes (e.g., 34.72% in early 2014) and severe negative impacts such as -162.79% in late 2014. Derivative gains or losses oscillated widely with sharp reversals between gains and losses across quarters, reflecting high exposure to derivative instruments. Interest expense increased steadily over the period, rising from around -5.5% in 2012 to over -13% by 2016, indicating higher financing costs. Other income and expenses fluctuated inconsistently, including a significant Tronox-related contingent loss impacting results dramatically around 2014.
- Income Tax and Net Income
- The income tax expense exhibited considerable volatility, often moving inversely to operating income, with some periods showing tax benefits (positive percentages) amid net losses. Net income attributable to common stockholders mirrored the overall profitability trends, reflecting a transition from positive earnings in early years to substantial losses post-2014, consistent with the reported operating difficulties and impairment charges.
- Summary
- The data reveal a company facing increasing cost burdens and volatility in non-operating items, resulting in deteriorating profit margins and consistent net losses in later years. The rise in gathering, processing, and marketing sales revenues contrasts with declining contributions from oil and natural gas sales percentages. Escalating depreciation, impairments, and exploration expenses further pressured financial performance. Increased interest and financing costs added to the challenges, with net income showing significant erosion, especially from 2014 onwards. Evidently, operational and financial management encountered substantial stress during this timeframe, reflected in both margins and bottom-line results.