Apache Corp. operates in 4 regions: United States; Canada; Egypt; and U.K. North Sea.

Area Profit Margin
Area Return on Assets (Area ROA)
Area Asset Turnover
Area Capital Expenditures to Depreciation
Oil and gas production revenues
Depreciation, depletion, and amortization
Operating income (loss)
Total assets
Additions to net property and equipment

Apache Corp., profit margin by geographic area

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
U.K. North Sea

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The geographic area profit margin data reveals distinct trends and significant fluctuations over the five-year period from 2011 to 2015. A detailed examination by region is as follows:

United States: The profit margin started at a relatively strong 46.4% in 2011 but exhibited a steady decline over the next three years, reaching a negative margin of -39.08% by 2014. This decline became dramatically more pronounced in 2015, with the margin plummeting to -737.24%, indicating severe profitability issues or extraordinary losses in that year.
Canada: This region displayed extreme volatility. The margin was positive at 22.2% in 2011 but sharply fell to -141.23% in 2012. It then slightly recovered, albeit remaining low, registering 0.9% in 2013 and improving further to 10.53% in 2014. The year 2015 again saw a significant downturn to -779.72%, reflecting substantial financial distress or one-off negative events impacting profitability.
Egypt: Egypt maintained consistently high profit margins through the first four years, starting at 73.62% in 2011 and gradually declining each year to 51.94% by 2014. Despite this downward trend, the margins remained positive and relatively strong. However, in 2015 the margin dropped sharply to -8.33%, indicating a loss but not as drastic as seen in other regions.
U.K. North Sea: The profit margin showed a declining trajectory from a solid 42.71% in 2011 down to marginal profitability at 0.91% in 2014. In 2015, this region experienced a severe negative margin of -155.7%, highlighting significant operational or market challenges.

Overall, the data demonstrate a general pattern of declining profitability across all geographic areas over the period, with a particularly sharp deterioration in 2015. While some regions maintained positive margins through 2014, the year 2015 marked a considerable downturn, with large negative margins indicating widespread financial challenges. This suggests the occurrence of adverse market conditions, increased costs, asset impairments, or other significant negative factors affecting the company’s operations globally.

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Area Profit Margin: United States

Apache Corp.; United States; area profit margin calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Oil and gas production revenues
Area Profitability Ratio
Area profit margin¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Oil and gas production revenues
= 100 × ÷ =

Operating Income (Loss): The operating income demonstrates a declining trend over the five-year period. It starts at a positive value of 2,832 million US dollars in 2011 and decreases consistently through 2012 and 2013, reaching 2,311 million and 2,179 million US dollars respectively. In 2014, the operating income turns negative, recording a loss of 2,245 million US dollars, and this negative trend intensifies sharply in 2015 with a substantial loss of 19,441 million US dollars.
Oil and Gas Production Revenues: Oil and gas production revenues show an initial increase from 6,103 million US dollars in 2011 to a peak of 6,902 million in 2013. However, this trend reverses starting in 2014 when revenues decline to 5,744 million US dollars, followed by a steep drop to 2,637 million US dollars in 2015. This indicates a significant contraction in production revenues towards the end of the period.
Area Profit Margin: The area profit margin reflects a similar pattern to operating income, decreasing steadily from 46.4% in 2011 to 31.57% in 2013. In 2014, the margin falls into negative territory at -39.08%, suggesting that the costs exceeded revenues that year. The situation worsens dramatically in 2015, with a margin plummeting to -737.24%, indicating severe financial challenges and significant losses within the geographic area.
Summary of Trends and Insights: Overall, the data reveals a deterioration in financial performance over the five-year period. Initial years exhibit profitability with positive operating income and healthy profit margins alongside growing production revenues. However, from 2014 onwards, there is a clear reversal with increasing losses, sharply declining revenues, and deeply negative profit margins. This suggests worsening market conditions, operational difficulties, or other adverse factors significantly impacting the geographic area’s financial results during the latter years.

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Area Profit Margin: Canada

Apache Corp.; Canada; area profit margin calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Oil and gas production revenues
Area Profitability Ratio
Area profit margin¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Oil and gas production revenues
= 100 × ÷ =

Operating Income (Loss): The operating income for the period displayed considerable volatility. In 2011, it was positive at 359 million USD, followed by a substantial decline to a loss of 1,867 million USD in 2012. The company marginally recovered to a small positive income of 11 million USD in 2013 and further improved to 115 million USD in 2014. However, in 2015, the operating income plummeted again to a significant loss of 3,883 million USD, indicating instability in operating performance throughout the period.
Oil and Gas Production Revenues: Revenues from oil and gas production showed a declining trend over the five-year span. Starting at 1,617 million USD in 2011, revenues decreased steadily each year to 1,322 million in 2012, 1,224 million in 2013, and 1,092 million in 2014, before sharply dropping to 498 million USD in 2015. This consistent reduction suggests diminishing sales volumes, prices, or a combination of both factors affecting the geographic area.
Area Profit Margin: The profit margin exhibited extreme fluctuations and deteriorated significantly overall. In 2011, the margin was healthy at 22.2%, but it turned deeply negative to -141.23% in 2012. There was a modest recovery to near break-even at 0.9% in 2013 and improvement to 10.53% in 2014. Nonetheless, the margin collapsed drastically in 2015 to -779.72%, reflecting severe inefficiencies or costs outweighing revenues dramatically during that year.

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Area Profit Margin: Egypt

Apache Corp.; Egypt; area profit margin calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Oil and gas production revenues
Area Profitability Ratio
Area profit margin¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Oil and gas production revenues
= 100 × ÷ =

Operating Income (Loss): The operating income exhibited a consistent decline over the five-year period, starting from 3,527 million US dollars in 2011 and decreasing steadily to 3,166 million in 2012, then to 2,391 million in 2013, followed by 1,838 million in 2014, and ultimately resulting in a negative value of -164 million in 2015. This downward trend indicates progressively deteriorating profitability culminating in an operating loss in the final year analyzed.
Oil and Gas Production Revenues: Revenues from oil and gas production also showed a declining pattern throughout the same timeframe. Beginning at 4,791 million US dollars in 2011, revenues dropped to 4,554 million in 2012, then continued to decrease to 3,917 million in 2013, 3,539 million in 2014, and sharply declined to 1,968 million in 2015. The substantial decrease, particularly in the last year, suggests either reduced production volumes, falling prices, or a combination of both factors impacting revenue generation.
Area Profit Margin: The profit margin percentage experienced a marked decline from 73.62% in 2011 to 69.52% in 2012, further reducing to 61.04% in 2013 and 51.94% in 2014. The downward trend culminated in a negative margin of -8.33% in 2015, reflecting not only diminishing profitability but also actual losses relative to revenue in that year. This inverted margin highlights significant challenges in maintaining cost efficiency or revenue levels relative to expenses.

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Area Profit Margin: U.K. North Sea

Apache Corp.; U.K. North Sea; area profit margin calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Oil and gas production revenues
Area Profitability Ratio
Area profit margin¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Oil and gas production revenues
= 100 × ÷ =

Operating Income (Loss): The operating income exhibited a declining trend throughout the period. Starting at $893 million in 2011, it increased slightly to $989 million in 2012 but then sharply decreased to $480 million in 2013. The downward trajectory continued with a drop to $21 million in 2014, culminating in a significant loss of $1,993 million in 2015.
Oil and Gas Production Revenues: Revenues initially rose from $2,091 million in 2011 to a peak of $2,751 million in 2012. After this peak, revenues experienced a gradual decline over the subsequent years, dropping to $2,728 million in 2013, $2,316 million in 2014, and significantly decreasing to $1,280 million by 2015.
Area Profit Margin: The profit margin showed a consistent and marked decrease during the period. It started at a robust 42.71% in 2011, declining to 35.95% in 2012, then further falling sharply to 17.6% in 2013. By 2014, the margin narrowed dramatically to 0.91%, and in 2015, the margin turned negative, indicating a loss of 155.7%.
Summary of Trends: Overall, there is a clear pattern of deteriorating financial performance in the U.K. North Sea area over the five years. Although revenues initially increased, they began to fall after 2012, accompanied by a substantial contraction in profit margins. Operating income mirrored this trend, moving from positive to sharply negative by 2015. The negative profit margin in the final year suggests significant operational or market challenges leading to losses well exceeding revenues.

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Apache Corp., ROA by geographic area

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
U.K. North Sea

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

United States: The Return on Assets (ROA) in the United States showed a significant downward trend over the five-year period. It started at a positive 12.05% in 2011 but declined steadily to 7.41% and 7.28% in 2012 and 2013, respectively. In 2014 the ROA dropped to a negative value of -8.36%, followed by a dramatic decline to -273.32% in 2015. This trajectory indicates worsening asset profitability with a particularly sharp deterioration in the final year analyzed.
Canada: Canada’s ROA experienced considerable volatility and an overall negative progression. Initially, it was 4.07% in 2011, which deteriorated sharply to -26.14% in 2012. A slight recovery occurred in 2013 and 2014, with ROA figures of 0.16% and 1.73%, respectively. However, in 2015, the ROA plunged substantially to -265.05%, mirroring the pattern of severe decline seen in the United States and suggesting major operational or financial challenges in that year.
Egypt: Egypt presented the highest ROA among the regions throughout most of the period, though a noticeable downward trend was evident. Starting at a very strong 52.99% in 2011, the ROA decreased each year to 43.30% in 2012, 29.44% in 2013, and 25.21% in 2014. Despite remaining positive until 2014, ROA shifted to a slightly negative -2.62% in 2015, indicating a significant shift but still less drastic than declines observed in the United States and Canada.
U.K. North Sea: The U.K. North Sea displayed moderate ROA levels initially, beginning at 13.53% in 2011 and increasing slightly to 14.39% in 2012. It then declined sharply to 6.95% in 2013 and nearly broke even at 0.34% in 2014. By 2015, the ROA fell sharply to -50.44%, indicating a pronounced decrease in asset profitability, but the decline was less severe than those in North America.
Overall Trends: The data reveals a general pattern of declining ROA across all geographic areas from 2011 to 2015. While initial years showed positive returns in most regions, each experienced a severe downturn by 2015, with North American regions (United States and Canada) showing particularly extreme negative returns. Egypt maintained higher ROA values longer than other regions but ultimately turned negative in 2015 as well. The U.K. North Sea followed a similar pattern of steady decline, ending with a significant but less extreme negative ROA. These consistent declines suggest widespread challenges impacting asset profitability across all areas by the end of the period.

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Area ROA: United States

Apache Corp.; United States; area ROA calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Total assets
Area Profitability Ratio
Area ROA¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =

Operating Income (Loss): Operating income exhibited a declining trend over the five-year period. It decreased from $2,832 million in 2011 to $2,311 million in 2012, followed by a further reduction to $2,179 million in 2013. A significant downturn occurred in 2014, with operating income turning negative at -$2,245 million, which sharply worsened to -$19,441 million in 2015.
Total Assets: Total assets increased from $23,499 million in 2011, reaching a peak of $31,175 million in 2012. After this peak, assets gradually declined to $29,940 million in 2013 and further to $26,852 million in 2014. A substantial decrease took place in 2015, plummeting to $7,113 million.
Area Return on Assets (ROA): The area ROA followed a similar negative trajectory. Starting at a robust 12.05% in 2011, it dropped substantially to 7.41% in 2012 and slightly decreased to 7.28% in 2013. In 2014, the ROA turned negative at -8.36%, with an extreme decline to -273.32% in 2015, reflecting significant unprofitability relative to asset base.

Overall, the data reveal a marked deterioration in financial performance from 2013 onwards. Both operating income and ROA transitioned from positive to deeply negative figures, indicating operational challenges and potential impairments or asset write-downs. In parallel, the notable decline in total assets in 2015 suggests a possible divestiture, impairment losses, or substantial asset disposals, correlating with the severe losses recorded in that year.

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Area ROA: Canada

Apache Corp.; Canada; area ROA calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Total assets
Area Profitability Ratio
Area ROA¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =

Operating Income (Loss): The operating income exhibited significant volatility over the period. Initially, there was a positive income of 359 million USD in 2011, followed by a sharp decline to a loss of 1,867 million USD in 2012. In 2013 and 2014, the operating income improved to a marginal positive of 11 million USD and further increased to 115 million USD respectively. However, in 2015, it deteriorated substantially to a loss of 3,883 million USD, indicating fluctuating operational performance with substantial losses in two of the five years analyzed.
Total Assets: The total assets decreased steadily from 8,816 million USD in 2011 to 6,640 million USD in 2014. A notable decline occurred in 2015, with total assets dropping sharply to 1,465 million USD. This trend suggests a significant reduction in asset base over the five-year span, particularly pronounced in the final year, possibly reflecting asset disposals, impairments, or restructuring activities within the geographic area.
Area Return on Assets (ROA): The Area ROA demonstrated extreme variability, starting at 4.07% in 2011, which indicates modest profitability relative to assets. This was followed by a steep decline to negative 26.14% in 2012, consistent with the operational loss reported that year. The ROA showed marginal recovery in 2013 and 2014, with positive results of 0.16% and 1.73% respectively, reflecting slight improvements in asset utilization and profitability. However, 2015 experienced a drastic negative ROA of -265.05%, signifying significant inefficiency and losses relative to the minimal asset base, aligning with the reported heavy operating loss and the steep asset base drop.

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Area ROA: Egypt

Apache Corp.; Egypt; area ROA calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Total assets
Area Profitability Ratio
Area ROA¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =

Operating Income (Loss): The operating income exhibited a declining trend over the five-year period. Starting from a strong positive value of 3,527 million USD in 2011, it decreased steadily each year, reaching 3,166 million USD in 2012 and 2,391 million USD in 2013. The downward trend continued in 2014 with income dropping to 1,838 million USD, followed by a significant decline into a loss of 164 million USD by the end of 2015. This reflects deteriorating profitability in the geographic area during the timeframe.
Total Assets: Total assets showed an initial increasing trajectory, growing from 6,656 million USD in 2011 to a peak of 8,121 million USD in 2013. However, after this peak, total assets decreased over the next two years, falling to 7,292 million USD in 2014 and further down to 6,249 million USD in 2015. This suggests a contraction of asset base following the growth phase.
Area Return on Assets (ROA): Return on assets followed a declining pattern consistent with the operating income trend. The ROA was very high at 52.99% in 2011, then dropped to 43.3% in 2012 and further declined to 29.44% in 2013. The decrease continued in 2014 to 25.21%, turning negative in 2015 at -2.62%. This indicates progressively diminishing efficiency in generating returns from assets in this region, culminating in a loss on asset utilization in the final year analyzed.
Summary: The data reveals a clear downward trajectory in financial performance within the area over the five years. Operating income and return on assets both declined significantly, with operating income turning to a loss in 2015 and ROA becoming negative. The asset base initially expanded but subsequently contracted, aligning with the decline in profitability. These patterns suggest challenges in maintaining growth and profitability in the later years of the period.

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Area ROA: U.K. North Sea

Apache Corp.; U.K. North Sea; area ROA calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Operating income (loss)
Total assets
Area Profitability Ratio
Area ROA¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =

Analysis of the "U.K. North Sea" geographic area financial data over the five-year period reveals significant changes in operating income, total assets, and return on assets (ROA).

Operating Income (Loss): The operating income displayed a strong positive trend initially, increasing from $893 million in 2011 to $989 million in 2012. However, this was followed by a sharp decline, falling to $480 million in 2013 and almost reaching break-even at $21 million in 2014. By 2015, operating income turned into a substantial loss of $1,993 million, indicating severe operational or market challenges in that year.
Total Assets: Total assets increased slightly from $6,600 million in 2011 to a peak of $6,902 million in 2013. After 2013, assets decreased, with a noticeable drop to $6,102 million in 2014 and a more severe reduction to $3,951 million in 2015. This decline suggests possible asset disposals, impairments, or devaluations within the geographic area.
Area Return on Assets (ROA): The area ROA followed a similar pattern to operating income. It started at a relatively healthy 13.53% in 2011 and slightly increased to 14.39% in 2012. However, it experienced a significant downward trend thereafter, dropping to 6.95% in 2013 and almost zero at 0.34% in 2014. By 2015, the area recorded a negative ROA of -50.44%, reflecting the severe loss in operating income relative to the asset base and indicating a drastic deterioration in profitability.

Overall, the data depicts a period of initial profitability followed by rapid financial deterioration in the U.K. North Sea area, marked by a steep decline in operating income and asset base, culminating in substantial losses and negative returns on assets by 2015. This suggests multiple possible underlying issues, including operational inefficiencies, market conditions, or strategic decisions impacting this geographic segment adversely in the later years.

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Apache Corp., asset turnover by geographic area

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
U.K. North Sea

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The analysis of the annual geographic area asset turnover data reveals distinct trends across different regions over the five-year period examined.

United States: The asset turnover ratio in the United States exhibited moderate fluctuations with a decline from 0.26 in 2011 to 0.20 in 2012, followed by a slight recovery to 0.23 in 2013. This was succeeded by a marginal decrease to 0.21 in 2014, but a significant increase to 0.37 in 2015 suggests improved efficiency in asset utilization in the final year.
Canada: Canada's asset turnover ratio demonstrated relative stability in the first four years, with values ranging narrowly between 0.16 and 0.19. A notable improvement occurred in 2015, with the ratio nearly doubling from 0.16 to 0.34, indicating an enhanced capacity to generate revenue from assets in that year.
Egypt: The asset turnover ratio for Egypt showed a consistent downward trend, starting from a high of 0.72 in 2011 and decreasing each year to reach 0.31 by 2015. This continuous decline signals a prolonged reduction in asset utilization efficiency in the Egyptian region during this period.
U.K. North Sea: In the U.K. North Sea area, the asset turnover ratio initially increased from 0.32 in 2011 to 0.40 in 2012 and remained relatively stable at that level through 2013. A slight decline to 0.38 in 2014 was followed by a further decrease to 0.32 in 2015, indicating a gradual reduction in efficiency from the peak observed in 2012 and 2013.

Overall, the data indicate that while the United States and Canada experienced significant improvements in asset turnover in the final year, Egypt witnessed a steady decline throughout the period. The U.K. North Sea area displayed a peak in mid-period followed by a gradual decrease, reflecting potential challenges in sustaining high asset turnover ratios in that region.

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Area Asset Turnover: United States

Apache Corp.; United States; area asset turnover calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Oil and gas production revenues
Total assets
Area Activity Ratio
Area asset turnover¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area asset turnover = Oil and gas production revenues ÷ Total assets
= ÷ =

The analysis of the United States geographic area financial data over the five-year period shows varied trends across key metrics.

Oil and Gas Production Revenues: Revenues displayed a fluctuating trajectory, starting at approximately 6,103 million US dollars in 2011 and increasing to a peak of 6,902 million in 2013. This was followed by a decline to 5,744 million in 2014 and a significant drop to 2,637 million in 2015. The sharp decrease in 2015 suggests a substantial reduction in production revenues within that year.
Total Assets: Total assets showed growth from 23,499 million in 2011 to reach a high of 31,175 million in 2012. Subsequently, there was a gradual decrease in assets each year until 2015, when total assets dramatically declined to 7,113 million. This represents a major contraction in asset base by the end of the period.
Area Asset Turnover Ratio: The asset turnover ratio, measuring the efficiency in generating revenues from assets, started at 0.26 in 2011 and decreased to 0.20 in 2012. It then experienced a modest recovery to 0.23 in 2013 but slightly fell to 0.21 in 2014. In 2015, there was a notable increase to 0.37, indicating improved asset utilization despite the lower absolute revenue and asset levels.

Overall, the period recorded a peak in revenues and assets around 2012-2013, followed by significant reductions in both metrics by 2015. The improved asset turnover ratio in 2015 suggests enhanced operational efficiency or a response to the reduced asset base, although it occurred in the context of diminished revenues and assets. These trends may reflect strategic asset disposals, market conditions impacting production or revenues, or shifts in operational focus within the United States geographic area.

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Area Asset Turnover: Canada

Apache Corp.; Canada; area asset turnover calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Oil and gas production revenues
Total assets
Area Activity Ratio
Area asset turnover¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area asset turnover = Oil and gas production revenues ÷ Total assets
= ÷ =

Oil and Gas Production Revenues: The oil and gas production revenues exhibit a consistent downward trend over the observed period. Starting at 1,617 million US dollars in 2011, revenues decreased gradually each year to 498 million US dollars by 2015. This represents a significant decline, with the 2015 revenue amounting to less than one-third of the 2011 figure, indicating a substantial reduction in revenue generation within the geographic area.
Total Assets: Total assets followed a declining trajectory similar to that of revenues but with a more pronounced decrease in the final year. Beginning at 8,816 million US dollars in 2011, assets reduced steadily to 6,640 million in 2014, before contracting sharply to 1,465 million in 2015. This sharp contraction in 2015 suggests significant asset divestitures, impairments, or write-downs affecting the asset base.
Area Asset Turnover: The area asset turnover ratio, measuring the efficiency of asset use in generating revenues, shows relative stability with minor fluctuations from 0.18 in 2011 to 0.16 in 2014. However, in 2015, it increased markedly to 0.34. This increase implies an improvement in how effectively the remaining assets are generating revenues, likely reflecting the substantial asset reduction and a comparatively smaller decrease in revenues that year.

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Area Asset Turnover: Egypt

Apache Corp.; Egypt; area asset turnover calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Oil and gas production revenues
Total assets
Area Activity Ratio
Area asset turnover¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area asset turnover = Oil and gas production revenues ÷ Total assets
= ÷ =

Oil and gas production revenues: The revenues demonstrate a clear downward trend over the five-year period, decreasing steadily from 4791 million USD in 2011 to 1968 million USD in 2015. This decline is continuous each year, with a particularly steep drop between 2014 and 2015.
Total assets: Total assets exhibit an overall increase initially, rising from 6656 million USD in 2011 to a peak of 8121 million USD in 2013. However, from 2013 onwards, assets decline gradually, falling to 6249 million USD by the end of 2015.
Area asset turnover: The area asset turnover ratio decreases consistently from 0.72 in 2011 to 0.31 in 2015, indicating a declining efficiency in generating revenues from assets held in the Egypt geographic area. The decline is marked and nearly halved over the five years, signaling deteriorating performance in asset utilization.
Overall analysis: The combined analysis of these metrics suggests a weakening operational and financial position within the Egypt area. Revenues are falling sharply, particularly in the last year, while asset levels initially grew but then declined. The efficiency ratio's continuous decline further implies that the assets are generating progressively lower returns. This pattern points to challenges in the region’s profitability and asset productivity over the observed period.

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Area Asset Turnover: U.K. North Sea

Apache Corp.; U.K. North Sea; area asset turnover calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Oil and gas production revenues
Total assets
Area Activity Ratio
Area asset turnover¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area asset turnover = Oil and gas production revenues ÷ Total assets
= ÷ =

Oil and Gas Production Revenues: The oil and gas production revenues exhibited an increasing trend from 2011 to 2012, rising from 2,091 million US dollars to 2,751 million US dollars. Revenues remained relatively stable in 2013 at 2,728 million US dollars but declined significantly in the subsequent years, falling to 2,316 million in 2014 and further to 1,280 million in 2015. This represents an overall downward trend after the initial increase, with revenues almost halving from 2012 to 2015.
Total Assets: Total assets showed a modest increase from 6,600 million US dollars in 2011 to a peak of 6,902 million US dollars in 2013. After this peak, assets declined notably to 6,102 million in 2014 and saw a more pronounced decrease to 3,951 million US dollars by 2015. This indicates a significant reduction in asset base in the last two years of the period analyzed.
Area Asset Turnover: The area asset turnover ratio increased from 0.32 in 2011 to 0.40 in 2012 and remained stable at 0.40 in 2013. However, it decreased moderately to 0.38 in 2014 and then fell back to 0.32 in 2015, equating to the 2011 level. This suggests that the efficiency in using assets to generate revenues improved initially but then declined to the original level by 2015.
Summary of Trends: Over the five-year period, the geographic area experienced a peak in both revenues and asset base around 2012-2013, followed by considerable declines by 2015. The area asset turnover ratio mirrored these trends, with initial improvement indicating better utilization of assets, then a decrease suggesting reduced efficiency by the end of the period. The simultaneous decline in revenues and total assets after 2013 points to challenges in maintaining production efficiency and asset investment or potential asset disposals affecting operational scale.

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Apache Corp., capital expenditures to depreciation by geographic area

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
U.K. North Sea

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

United States: The capital expenditures to depreciation ratio experienced a significant fluctuation over the observed period. Starting at 2.29 in 2011, the ratio increased sharply to 4.66 in 2012, indicating a considerable rise in capital expenditures relative to depreciation. However, a steady decline followed, with the ratio falling to 2.22 in 2013, then further to 1.11 in 2014, and reaching a notably low level of 0.12 by 2015. This trend suggests a marked reduction in investment relative to asset depreciation in the later years.
Canada: The data for Canada shows volatility in the capital expenditures to depreciation ratio. It began at 2.36 in 2011, dropped sharply to 0.44 in 2012, rebounded to 2.14 in 2013, and increased slightly to 2.41 in 2014. However, in 2015, the ratio collapsed to 0.08, indicating a drastic decrease in capital spending relative to depreciation by the end of the period. This pattern reflects inconsistent investment activity with an abrupt decline at the end.
Egypt: Egypt exhibited relatively stable ratios throughout the period, fluctuating in a narrow range. The ratio started at 1.24 in 2011, rose marginally to 1.25 in 2012, and increased slightly to 1.30 in 2013. It then dipped to 1.21 in 2014 before declining more sharply to 0.59 in 2015. Although the figures indicate some variability, overall capital expenditures remained relatively proportional to depreciation until 2015, when investment decreased notably.
U.K. North Sea: This region presented the most dramatic changes, starting from a very high ratio of 10.21 in 2011, suggesting substantial capital expenditures relative to depreciation. However, the ratio plunged steeply to 1.21 in 2012, followed by a continuous decline to 0.78 in 2013, 0.67 in 2014, and a low 0.26 in 2015. The consistent downward trend indicates a significant reduction in investment activity relative to asset wear and tear over the years.

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Area Capital Expenditures to Depreciation: United States

Apache Corp.; United States; area capital expenditures to depreciation calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Additions to net property and equipment
Depreciation, depletion, and amortization
Area Financial Ratio
Area capital expenditures to depreciation¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area capital expenditures to depreciation = Additions to net property and equipment ÷ Depreciation, depletion, and amortization
= ÷ =

The financial data for the United States geographic area reveals several notable trends over the five-year period ending December 31, 2015. These trends pertain primarily to capital investment and asset depreciation activities.

Additions to net property and equipment: The capital expenditures peaked in 2012 at 9,586 million US dollars, representing a significant increase from 3,854 million in 2011. After 2012, a decline followed, with expenditures decreasing to 6,404 million in 2013 and rising slightly to 7,294 million in 2014. However, there was a sharp reduction in 2015, where additions dropped to 2,454 million US dollars, the lowest in the five-year span. This pattern suggests fluctuating investment levels, potentially indicating shifting operational priorities or responses to market conditions.
Depreciation, depletion, and amortization: This expense category demonstrated a consistent upward trajectory over the period. Beginning at 1,684 million US dollars in 2011, the figure increased year-on-year, with a marked surge from 2,890 million in 2013 to 6,582 million in 2014. The most dramatic increase occurred in 2015, when the amount soared to 21,059 million US dollars. The escalating depreciation expenses could point to accelerated asset wear or revaluation, which may also reflect changes in accounting policies or write-downs.
Area capital expenditures to depreciation ratio: The ratio between capital expenditures and depreciation indicates the company’s reinvestment relative to asset consumption. Starting at 2.29 in 2011, the ratio peaked at 4.66 in 2012, coinciding with the highest capital expenditure year. Subsequently, the ratio steadily declined to 2.22 in 2013 and further to 1.11 in 2014. By 2015, the ratio sharply fell to 0.12, reflecting capital investments that were substantially lower compared to the depreciation charges. This declining ratio suggests a reduction in the company's efforts to replenish or expand its asset base in relation to the rate at which existing assets are being consumed or depreciated.

In summary, the data demonstrates a period of vigorous capital investment early in the timeline, followed by a progressive decrease in additions to net property and equipment. Concurrently, depreciation and associated expenses have risen considerably. The capital expenditure to depreciation ratio’s downward trend highlights concerns about sustained asset rejuvenation relative to asset utilization, which may have implications for future operational capacity and financial health within this geographic area.

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Area Capital Expenditures to Depreciation: Canada

Apache Corp.; Canada; area capital expenditures to depreciation calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Additions to net property and equipment
Depreciation, depletion, and amortization
Area Financial Ratio
Area capital expenditures to depreciation¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area capital expenditures to depreciation = Additions to net property and equipment ÷ Depreciation, depletion, and amortization
= ÷ =

Additions to net property and equipment: The values for additions to net property and equipment demonstrate a downward trend over the analyzed periods. Starting at 1,288 million US dollars in 2011, expenditures decreased to 1,096 million in 2012 and slightly further to 1,082 million in 2013. This decline continued in 2014 with 963 million, followed by a significant drop to 324 million in 2015. The consistent reduction suggests a contraction in capital investment in property and equipment within the observed geographic area.
Depreciation, depletion, and amortization: The data reveals considerable volatility in depreciation, depletion, and amortization expenses. The figure was 546 million US dollars in 2011, surged dramatically to 2,477 million in 2012, then sharply decreased to 505 million in 2013, and further dipped slightly to 400 million in 2014. However, in 2015, it spiked notably to 3,979 million. Such fluctuations indicate irregular patterns in asset write-downs or usage, which could be due to changes in asset base, impairment charges, or accounting adjustments.
Area capital expenditures to depreciation ratio: The ratio of capital expenditures to depreciation experienced significant variation over the period. Initially, it was relatively high at 2.36 in 2011, indicating that additions to capital assets exceeded the depreciation expense by over twice. In 2012, the ratio plunged to 0.44, reflecting capital expenditures considerably lower than depreciation. It rebounded to 2.14 in 2013 and further to 2.41 in 2014, showing increased investment relative to asset consumption. However, in 2015, the ratio fell sharply to 0.08, signaling a dramatic drop in capital spending compared to the high depreciation charge, which may imply asset base contraction or reduced reinvestment.

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Area Capital Expenditures to Depreciation: Egypt

Apache Corp.; Egypt; area capital expenditures to depreciation calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Additions to net property and equipment
Depreciation, depletion, and amortization
Area Financial Ratio
Area capital expenditures to depreciation¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area capital expenditures to depreciation = Additions to net property and equipment ÷ Depreciation, depletion, and amortization
= ÷ =

Additions to Net Property and Equipment: The capital investment in net property and equipment shows an increasing trend from 2011 to 2014, starting at 1015 million US dollars and reaching a peak of 1397 million US dollars in 2014. However, in 2015, there is a significant decline to 915 million US dollars, which represents a substantial reduction compared to the previous year.
Depreciation, Depletion, and Amortization: Depreciation, depletion, and amortization expenses exhibit a consistent upward trend throughout the five-year period. Beginning at 818 million US dollars in 2011, these expenses increase steadily each year, reaching a notable high of 1556 million US dollars in 2015. The rate of increase is particularly marked in 2015, indicating accelerating asset consumption or write-downs.
Area Capital Expenditures to Depreciation Ratio: The ratio of area capital expenditures to depreciation remains relatively stable and slightly above 1.2 from 2011 through 2014, fluctuating between 1.21 and 1.3. This suggests that capital expenditures were slightly exceeding depreciation costs during these years, indicating a net investment in property and equipment. In contrast, 2015 shows a sharp decline in this ratio to 0.59, reflecting a significant drop in capital expenditure relative to the increased depreciation expense, which could imply reduced reinvestment or asset replacement in that year.

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Area Capital Expenditures to Depreciation: U.K. North Sea

Apache Corp.; U.K. North Sea; area capital expenditures to depreciation calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Selected Financial Data (US$ in millions)
Additions to net property and equipment
Depreciation, depletion, and amortization
Area Financial Ratio
Area capital expenditures to depreciation¹

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Area capital expenditures to depreciation = Additions to net property and equipment ÷ Depreciation, depletion, and amortization
= ÷ =

Additions to Net Property and Equipment: The investment in net property and equipment demonstrated a significant decline over the analyzed period. Starting at a peak of 4,175 million US dollars at the end of 2011, the additions dropped sharply to 1,104 million in 2012 and then exhibited a gradual downward trend through 2015, ultimately reaching 733 million. This consistent reduction suggests a scaling back of capital expenditures over the years.
Depreciation, Depletion, and Amortization: Conversely, depreciation, depletion, and amortization costs increased markedly during the same timeframe. From 409 million US dollars in 2011, these expenses more than doubled to 914 million in 2012 and continued to rise each year, peaking at 2,778 million by the end of 2015. This upward trajectory indicates a growing allocation of costs related to the consumption and allocation of long-term assets.
Area Capital Expenditures to Depreciation Ratio: The ratio of area capital expenditures to depreciation exhibited a pronounced decline, starting from an exceptionally high 10.21 in 2011 and dropping below 1.0 in 2013 to 0.78, continuing its downward slope each subsequent year and reaching 0.26 in 2015. This trend reflects a decreasing reinvestment rate relative to the area's depreciation expenses, signaling a contraction in capital spending compared to asset consumption.
Overall Analysis: The data reveals a clear pattern of reduced capital investment in the U.K. North Sea region paired with increasing depreciation and amortization costs over the five-year period. The sharp decline in additions to net property and equipment suggests a strategic reduction in new asset additions or enhancement projects. Meanwhile, rising depreciation expenses likely reflect both the aging asset base and possibly impairments or accelerated cost recognition. The shrinking capital expenditure to depreciation ratio reinforces this narrative, indicating that the company is investing less to replace or expand assets relative to the rate at which those assets are expensed. This combination of trends may imply a focus on extracting value from existing assets rather than pursuing substantial growth or expansion within this geographic area during the period analyzed.

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Apache Corp., oil and gas production revenues by geographic area

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
Australia
U.K. North Sea
Argentina
Total

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

United States Revenue: The revenue generated from the United States exhibited an upward trend from 2011 to 2013, increasing from 6103 million US dollars to a peak of 6902 million US dollars in 2013. This was followed by a sharp decline in 2014 and a more pronounced decrease in 2015, dropping to 2637 million US dollars, indicating a significant contraction in that market segment.
Canada Revenue: Canada’s revenue showed a consistent decrease throughout the period analyzed. Beginning at 1617 million US dollars in 2011, it declined steadily each year, reaching 498 million US dollars by 2015. This represents a substantial reduction in Canadian operations or market conditions affecting revenues.
Egypt Revenue: Egypt’s revenue also experienced a downward trend over the years. Starting at 4791 million US dollars in 2011, the figures decreased each year to 1968 million US dollars in 2015. The decline was consistent annually, highlighting diminishing returns or operational challenges in this region.
Australia Revenue: Australian revenues showed a declining trajectory from 1734 million US dollars in 2011 to 1058 million US dollars in 2014. Data for 2015 is not available, which limits the ability to assess the full trend for that year. Nevertheless, the trend up to 2014 indicates contraction.
U.K. North Sea Revenue: The U.K. North Sea revenues increased from 2091 million US dollars in 2011 to a peak of 2751 million US dollars in 2012, after which there was a gradual decline to 1280 million US dollars by 2015. This reflects initial growth followed by a sustained reduction in revenue over the latter half of the period.
Argentina Revenue: Argentina’s revenues fluctuated slightly but within a narrow range, starting at 474 million US dollars in 2011, peaking at 519 million in 2012, and then decreasing to 491 million in 2013. Data for 2014 and 2015 are missing, limiting full trend analysis; however, the available data indicates relative stability with minor variations.
Total Revenue: The total revenue demonstrates a peak in 2012 at 16947 million US dollars, followed by a general decline through 2015, with a notable drop in 2015 to 6383 million US dollars from 13749 million US dollars in 2014. This overall downturn corresponds with the reductions observed across most geographic regions, especially the significant declines in the United States and Canada.

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Apache Corp., depreciation, depletion, and amortization by geographic area

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
Australia
U.K. North Sea
Argentina
Other international
Total

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

Overall Trend: The total depreciation, depletion, and amortization expense has shown a general upward trend over the five-year period, increasing from $4,204 million in 2011 to $29,372 million in 2015. This reflects a significant escalation, particularly noticeable in the final year.
United States: The United States exhibited a steady increase from $1,684 million in 2011 to $6,582 million in 2014, followed by a dramatic surge to $21,059 million in 2015. This sharp rise suggests substantial asset base growth or accelerated depreciation policies in the final year.
Canada: Canada's numbers fluctuated, peaking at $2,477 million in 2012, then declining to $400 million in 2014 before rising again to $3,979 million in 2015. The volatility may indicate changes in operational scale or asset additions and disposals during this period.
Egypt: Egypt demonstrated a consistent increase over the years, starting at $818 million in 2011 and rising steadily to $1,556 million in 2015. This trend suggests stable growth and ongoing investment in this region.
Australia: Australia's data remained relatively stable, moving between $423 million and $466 million from 2011 to 2014, with no data available for 2015. The stability indicates a steady state of assets with minimal changes in depreciation expenses.
U.K. North Sea: The U.K. North Sea region showed a consistent upward trend, increasing from $409 million in 2011 to $2,778 million in 2015. This steady growth reflects continual investment or expansion in this area.
Argentina: Argentina's data shows an increase from $198 million in 2011 to $411 million in 2013, with no data reported for 2014 and 2015. The absence of recent figures may indicate divestment, operational pause, or reclassification.
Other International: Other international locations reported lower values overall, decreasing from $109 million in 2011 to $43 million in 2012, then rising to $77 million in 2013, followed by missing data thereafter. This suggests limited and possibly declining activity in this category.

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Apache Corp., operating income (loss) by geographic area

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
Australia
U.K. North Sea
Argentina
Other international
Total

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

United States: The operating income in the United States demonstrates a declining trend over the five-year period. Starting at $2,832 million in 2011, it decreased steadily to $2,311 million in 2012 and $2,179 million in 2013. However, in 2014, the figure turned negative, amounting to a loss of $2,245 million, which further deepened significantly to a loss of $19,441 million in 2015. This indicates a substantial deterioration in profitability in this geographic area.
Canada: The Canadian segment shows a volatile and unfavorable pattern. After a positive operating income of $359 million in 2011, the area experienced a considerable loss of $1,867 million in 2012. It recovered marginally to a small profit of $11 million in 2013 and improved further to $115 million in 2014. Nevertheless, the area recorded a significant loss again in 2015, with operating losses totaling $3,883 million. This fluctuation implies unstable operations and challenges in maintaining consistent profitability.
Egypt: Egypt's operating income declined consistently during the period, starting from a strong $3,527 million in 2011 and decreasing year by year to $3,166 million in 2012, $2,391 million in 2013, and $1,838 million in 2014. In 2015, the area nearly broke even with a slight loss of $164 million. The trend reflects a reduction in profitability or potential operational challenges while still maintaining relatively stable performance until 2014.
Australia: Operating income in Australia progressively decreased each year from $1,078 million in 2011 to $866 million in 2012, $463 million in 2013, and $251 million in 2014. Data for 2015 is not available. The trend indicates a steady decline in operating income, signaling diminishing returns from this region.
U.K. North Sea: The U.K. North Sea region experienced fluctuations and a declining trend. Operating income rose modestly from $893 million in 2011 to $989 million in 2012, followed by a sharp decline to $480 million in 2013 and further down to $21 million in 2014. In 2015, the region recorded a significant operating loss of $1,993 million. This pattern suggests increasing operational difficulties or adverse market conditions impacting profitability.
Argentina: Argentina’s operating income started at $72 million in 2011, decreased to $51 million in 2012, and turned negative with a loss of $173 million in 2013. Data for 2014 and 2015 are missing, indicating potential discontinuation or lack of reporting. The available data points to declining profitability up to 2013.
Other international: The 'Other international' category reflects consistent operating losses over the reported years, with losses of $109 million in 2011, $43 million in 2012, and $77 million in 2013. Data for subsequent years is absent. The consistent losses imply ongoing issues in smaller or less defined markets globally.
Total Operating Income: Total operating income for all regions combined shows a sharp decline over the five years. Starting from a total of $8,652 million in 2011, it fell to $5,473 million in 2012 and remained relatively flat at $5,274 million in 2013. In 2014, total operating income nearly reached zero, and in 2015, it dropped to a significant combined loss of $25,481 million. This decline reflects widespread challenges across multiple geographic areas, leading to a major downturn in overall profitability.

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Apache Corp., total assets by geographic area

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
Australia
U.K. North Sea
Argentina
Other international
Total

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The analysis of total assets by geographic area over the period from 2011 to 2015 reveals distinct trends and fluctuations across regions.

United States: Total assets demonstrate a rising trend from 2011 through 2012, peaking at 31,175 million US dollars, followed by a gradual decline in the subsequent years, sharply dropping to 7,113 million US dollars by the end of 2015. This indicates significant asset divestiture or revaluation in 2015.
Canada: Assets in Canada display a decreasing trend from 2011 to 2015, starting at 8,816 million US dollars and declining steadily to 1,465 million US dollars, signaling a consistent reduction in asset holdings or impairments within this region.
Egypt: Assets increase from 6,656 million US dollars in 2011 to a peak of 8,121 million US dollars in 2013, followed by a decline to 6,249 million US dollars in 2015. The initial growth suggests expansion or asset acquisition, while the subsequent decrease may imply divestment or depreciation.
Australia: There is a consistent increase in asset values from 2011 through 2014, rising from 4,681 million to 9,020 million US dollars. No data is available for 2015, which leaves the trend for that year inconclusive. The growth over the observed years indicates asset accumulation or investment in this region.
U.K. North Sea: This region maintains relatively stable assets from 2011 through 2013, fluctuating just above 6,600 million US dollars, then experiences a decline to 3,951 million US dollars by 2015. The decline suggests asset reduction or market pressures impacting this area.
Argentina: Values in Argentina show slight fluctuation, with assets around 1,766 to 1,835 million US dollars between 2011 and 2012, followed by a decrease to 1,577 million in 2013. Data is missing for 2014 and 2015, impeding a full trend analysis, but the available data suggests modest contraction.
Other International: Assets in other international locations remain minimal throughout the period, generally below 130 million US dollars, with no significant growth or decline, indicating these regions are of minor asset importance.
Total: Total assets rise from 52,051 million US dollars in 2011 to a peak of 61,637 million in 2013, then decline to 18,842 million by 2015. This overall reduction is primarily driven by decreased asset values in the United States, Canada, and U.K. North Sea, reflecting a substantial portfolio contraction in later years.

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Apache Corp., additions to net property and equipment by geographic area

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
United States
Canada
Egypt
Australia
U.K. North Sea
Argentina
Other international
Total

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

United States: The annual additions show notable volatility, with a significant increase from 3,854 million US dollars in 2011 to a peak of 9,586 million in 2012. This is followed by a decline to 6,404 million in 2013. Subsequently, there is a moderate recovery to 7,294 million in 2014, but a sharp reduction to 2,454 million in 2015 marks the lowest point during the observed period.
Canada: The data reveals a gradually declining trend in expenditures, decreasing from 1,288 million US dollars in 2011 to 324 million in 2015. The decline is steady, reflecting possibly a reduction in investment or geographic focus in this area.
Egypt: The annual additions exhibit a generally increasing pattern from 1,015 million US dollars in 2011 to a peak of 1,397 million in 2014, followed by a drop to 915 million in 2015. Overall, investment in Egypt has maintained a relatively stable level with moderate growth until the final year.
Australia: Investments show a rising trend from 1,140 million US dollars in 2011 to a peak of 1,954 million in 2013, then a decline to 1,419 million in 2014. Data for 2015 is missing, which limits the ability to assess the most recent trend.
U.K. North Sea: This area displays a marked decrease in annual additions from a high of 4,175 million US dollars in 2011 to 733 million in 2015. The decline is consistent over the years, suggesting a diminishing investment priority or asset base in this region.
Argentina: There is a declining trend in investment from 374 million US dollars in 2011 to 205 million in 2013, with missing data for 2014 and 2015. The available data suggests a reduction in asset additions in Argentina during the recorded years.
Other international: Annual additions are minimal and volatile, fluctuating between 73 million and 98 million US dollars from 2011 to 2012, dropping significantly to 24 million in 2013, turning negative at -28 million in 2014, and a small positive 28 million in 2015. This volatility indicates instability or possible asset disposals in this category.
Total: Total annual geographic additions increase from 11,919 million US dollars in 2011 to 14,955 million in 2012, then decline to approximately 12,000 million in 2013 and 2014. The year 2015 experiences a sharp drop to 4,454 million, reflecting the decreases observed across most individual geographic segments, particularly in the United States and U.K. North Sea.

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Financial Statements
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Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
Analysis of Components of Financial Statements
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Financial Statements
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Long-term Trends
Analysis of Components of Financial Statements
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Apache Corp. (NYSE:APA)

Analysis of Geographic Areas

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Area Profit Margin

Area Profit Margin: United States

Area Profit Margin: Canada

Area Profit Margin: Egypt

Area Profit Margin: U.K. North Sea

Area Return on Assets (Area ROA)

Area ROA: United States

Area ROA: Canada

Area ROA: Egypt

Area ROA: U.K. North Sea

Area Asset Turnover

Area Asset Turnover: United States

Area Asset Turnover: Canada

Area Asset Turnover: Egypt

Area Asset Turnover: U.K. North Sea

Area Capital Expenditures to Depreciation

Area Capital Expenditures to Depreciation: United States

Area Capital Expenditures to Depreciation: Canada

Area Capital Expenditures to Depreciation: Egypt

Area Capital Expenditures to Depreciation: U.K. North Sea

Oil and gas production revenues

Depreciation, depletion, and amortization

Operating income (loss)

Total assets

Additions to net property and equipment