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)

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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Apache Corp. EV decreased from 2013 to 2014 and from 2014 to 2015.

Apache Corp. (NYSE:APA)

Enterprise Value (EV)