Stock Analysis on Net
Stock Analysis on Net

Apache Corp. (NYSE:APA)

This company has been moved to the archive! The financial data has not been updated since August 4, 2016.

Common-Size Balance Sheet: Assets
Quarterly Data

Apache Corp., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011
Cash and cash equivalents 4.93 4.06 7.79 5.95 8.35 0.47 1.37 0.84 0.86 2.69 3.09 2.08 0.29 0.40 0.26 0.54 0.63 0.46 0.57 1.23 2.38 0.79
Short-term restricted cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 1.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Receivables, net of allowance 4.17 4.53 6.65 4.79 4.50 3.63 3.62 3.75 3.93 4.06 4.79 5.12 4.60 5.03 5.08 5.06 4.59 5.94 5.92 5.39 5.36 5.55
Inventories 2.18 2.21 3.03 2.40 1.78 1.37 1.27 1.17 1.30 1.19 1.45 1.48 1.54 1.43 1.49 1.32 1.30 1.14 1.26 1.19 1.36 1.32
Drilling advances 0.83 0.77 0.91 0.67 0.55 0.96 0.69 0.71 0.54 0.53 0.60 0.75 0.47 0.59 0.96 0.97 0.62 0.69 0.44 0.58 0.54 0.62
Assets held for sale 0.00 0.00 0.00 0.28 0.00 3.71 2.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Derivative instruments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.14 0.03 0.05 0.18 0.41 0.53 0.58 0.00 0.00 0.00
Deferred tax asset 0.00 0.00 0.00 0.30 0.24 1.58 1.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid assets and other 1.41 1.61 1.54 0.27 0.14 0.42 0.23 0.67 0.48 0.48 0.40 0.56 0.48 0.37 0.32 0.51 0.56 0.54 0.46 1.24 0.89 0.64
Current assets 13.52% 13.18% 19.91% 14.67% 15.56% 12.14% 11.47% 7.26% 8.38% 8.94% 10.33% 9.99% 7.51% 7.85% 8.17% 8.58% 8.11% 9.31% 9.23% 9.64% 10.53% 8.92%
Proved properties 174.44 170.46 472.72 309.10 239.66 188.35 160.59 142.59 137.37 135.35 135.29 134.65 131.47 130.49 129.05 127.09 126.79 130.43 130.27 132.86 131.16 132.39
Unproved properties and properties under development, not being amortized 9.39 9.06 13.86 17.46 14.82 13.88 12.54 13.00 12.73 13.63 13.57 13.82 13.62 13.88 14.41 15.64 14.92 10.77 10.62 11.19 11.29 11.67
Oil and gas, on the basis of successful efforts accounting 183.82% 179.52% 486.57% 326.56% 254.47% 202.23% 173.12% 155.58% 150.11% 148.98% 148.86% 148.47% 145.09% 144.36% 143.47% 142.73% 141.71% 141.20% 140.89% 144.06% 142.45% 144.06%
Gathering, transmission and processing facilities 3.54 4.24 5.58 15.19 12.17 11.25 9.72 12.91 12.40 11.79 11.35 11.27 10.33 10.18 9.80 9.79 9.83 10.21 9.94 9.86 9.63 9.67
Other 4.51 4.42 5.80 3.85 3.07 2.39 2.06 1.82 1.80 1.75 1.74 1.78 1.63 1.74 1.74 1.58 1.52 1.38 1.36 1.42 1.37 1.35
Property and equipment, less accumulated depreciation, depletion and amortization 191.88% 188.18% 497.96% 345.61% 269.72% 215.87% 184.90% 170.31% 164.31% 162.52% 161.95% 161.52% 157.05% 156.29% 155.01% 154.10% 153.06% 152.79% 152.19% 155.34% 153.45% 155.08%
Accumulated depreciation, depletion and amortization -109.14 -105.06 -423.02 -265.15 -189.53 -131.12 -98.98 -83.35 -78.54 -76.22 -76.90 -76.10 -68.94 -68.43 -67.29 -67.10 -65.44 -66.70 -64.88 -68.71 -67.83 -68.05
Property and equipment, net 82.74% 83.12% 74.93% 80.46% 80.19% 84.75% 85.92% 86.96% 85.78% 86.31% 85.05% 85.43% 88.12% 87.86% 87.72% 87.00% 87.62% 86.08% 87.31% 86.63% 85.62% 87.03%
Long-term restricted cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.77 0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred charges and other 3.74 3.70 5.15 4.88 4.26 3.11 2.61 5.01 4.88 4.75 4.62 4.58 4.37 4.30 4.11 4.42 4.27 4.61 3.46 3.73 3.85 4.05
Other assets 3.74% 3.70% 5.15% 4.88% 4.26% 3.11% 2.61% 5.79% 5.84% 4.75% 4.62% 4.58% 4.37% 4.30% 4.11% 4.42% 4.27% 4.61% 3.46% 3.73% 3.85% 4.05%
Noncurrent assets 86.48% 86.82% 80.09% 85.33% 84.44% 87.86% 88.53% 92.74% 91.62% 91.06% 89.67% 90.01% 92.49% 92.15% 91.83% 91.42% 91.89% 90.69% 90.77% 90.36% 89.47% 91.08%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).

The asset structure remained relatively stable from early 2011 through 2014, characterized by a heavy concentration in noncurrent assets. However, the period between 2015 and 2016 exhibited significant volatility in the valuation of property and equipment, alongside a strategic shift in liquidity levels.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets fluctuated between 7.5% and 11.5% for the majority of the analyzed period. A notable shift occurred in 2015, where current assets peaked at 19.91% in December 2015. This increase was driven primarily by a surge in cash and cash equivalents, which rose from levels typically below 1% to a peak of 8.35% in June 2015 and remained elevated throughout the year. By mid-2016, current assets moderated to approximately 13.5%.
Gross Property and Equipment Volatility
The data reveals an extreme expansion in gross asset values starting in late 2014. Proved properties, which consistently represented approximately 130% of total assets from 2011 to 2013, experienced a dramatic escalation, reaching a peak of 472.72% in December 2015. This was accompanied by a corresponding expansion in accumulated depreciation, depletion, and amortization, which reached -423.02% in the same period. This synchronized surge suggests significant accounting adjustments or revaluations during 2015 before values corrected sharply in the first quarter of 2016.
Net Asset Composition
Despite the volatility in gross figures, the net property and equipment value remained the primary driver of the balance sheet. Net property and equipment held a steady range of 85% to 88% from 2011 through 2014. A downward trend was observed in 2015, with the net value dipping to a low of 74.93% in December 2015, coinciding with the increase in current asset proportions. By June 2016, this ratio recovered to 82.74%.
Other Noncurrent Assets
Gathering, transmission, and processing facilities remained stable at approximately 10% of total assets until late 2014. A significant contraction is observed starting in 2015, with the proportion falling to 3.54% by June 2016. Similarly, deferred charges and other assets remained consistent between 3% and 5% for most of the period, though a brief dip to 2.61% occurred in late 2014 before returning to historical norms.

Overall, the financial profile transitioned from a highly static asset distribution to one characterized by significant gross valuation swings and an increased emphasis on liquidity during 2015, followed by a partial reversion toward historical norms in early 2016.

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