Apache Corp., current enterprise value calculation

Current share price (P)	$50.18
No. shares of common stock outstanding	379,423,069
US$ in millions
Common equity (market value)¹	19,039)
Add: Preferred stock, no par value, 6% Cumulative Mandatory Convertible, Series D, $1,000 per share liquidation preference (per books)	—)
Add: Noncontrolling interest (per books)	1,662)
Total equity	20,701)
Add: Current debt (per books)	1)
Add: Long-term debt, excluding current maturities (per books)	8,777)
Total equity and debt	29,479)
Less: Cash and cash equivalents	1,467)
Enterprise value (EV)	28,012)

Based on: 10-K (reporting date: 2015-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 50.18 × 379,423,069

Apache Corp., EV calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Share price^1, 2	$39.47	$65.84	$79.29	$73.75	$107.93
No. shares of common stock outstanding¹	378,297,784	376,823,368	394,724,983	391,758,883	384,321,970
US$ in millions
Common equity (market value)³	14,931)	24,810)	31,298)	28,892)	41,480)
Add: Preferred stock, no par value, 6% Cumulative Mandatory Convertible, Series D, $1,000 per share liquidation preference (book value)	—)	—)	—)	1,227)	1,227)
Add: Noncontrolling interest (book value)	1,662)	2,200)	1,997)	—)	—)
Total equity	16,593)	27,010)	33,295)	30,119)	42,707)
Add: Current debt (book value)	1)	—)	53)	990)	431)
Add: Long-term debt, excluding current maturities (book value)	8,777)	11,245)	9,672)	11,355)	6,785)
Total equity and debt	25,371)	38,255)	43,020)	42,464)	49,923)
Less: Cash and cash equivalents	1,467)	769)	1,906)	160)	295)
Enterprise value (EV)	23,904)	37,486)	41,114)	42,304)	49,628)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Apache Corp. Annual Report.

³ 2015 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.47 × 378,297,784

A comprehensive contraction in valuation and capital scale is observed between 2011 and 2015. Across all primary financial metrics, there is a persistent downward trajectory, culminating in a significant reduction in overall corporate value by the end of the period.

Enterprise Value (EV) Progression: The Enterprise Value exhibited a consistent decline, falling from 49,628 million USD in 2011 to 23,904 million USD in 2015. This represents a total decrease of approximately 51.8% over the five-year period. While the decline was gradual between 2011 and 2014, the most acute reduction occurred between 2014 and 2015, where the value dropped by 36.2% in a single year.
Equity Market Value and Book Value Trends: Common equity market value followed a similar pattern of erosion, starting at 41,480 million USD in 2011 and ending at 14,931 million USD in 2015. A temporary stabilization occurred in 2013, where market value rose slightly to 31,298 million USD from 28,892 million USD in 2012. Total equity mirrored this trend, decreasing from 42,707 million USD to 16,593 million USD, indicating a broad decline in net asset value.
Aggregate Capital Structure: Total equity and debt decreased from 49,923 million USD in 2011 to 25,371 million USD in 2015. The close correlation between the decline in total equity and debt and the decline in Enterprise Value suggests that the reduction in EV was driven by a simultaneous contraction in both the market valuation of the equity and the total size of the capital base.

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Apache Corp. (NYSE:APA)

Enterprise Value (EV)

Current Enterprise Value (EV)

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