Current EV
Historical EV

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

Common Equity (Market Value): The common equity measured at market value shows a general declining trend from 2011 through 2015. It starts at approximately 41.5 billion US dollars in 2011 and decreases sharply to about 14.9 billion US dollars by the end of 2015. Notably, there is a significant drop between 2011 and 2012, followed by slight recovery until 2013, and then a continuous decline through 2014 and 2015.
Total Equity: Total equity follows a pattern broadly consistent with the market value of common equity. It reduces from around 42.7 billion US dollars in 2011 to approximately 16.6 billion US dollars by 2015. The decrease is most pronounced in the final two years, particularly from 2014 to 2015.
Total Equity and Debt: This measure also exhibits a downward trend over the observed period. Starting at about 49.9 billion US dollars in 2011, it declines steadily to roughly 25.4 billion US dollars in 2015. The reductions are consistent year-over-year, marking nearly half the initial value by the end of the period.
Enterprise Value (EV): Enterprise value reflects a similar descending trend as total equity and debt. Beginning at approximately 49.6 billion US dollars in 2011, it decreases progressively each year and reaches around 23.9 billion US dollars in 2015. The reduction is steady with no temporary increases, suggesting a consistent contraction in overall company valuation.
Overall Observations: Across all financial metrics analyzed, there is a clear pattern of decline from 2011 to 2015. The steepest decreases occur between 2014 and 2015, indicating a period of significant value reduction. This consistent downward trajectory in equity, total capitalization, and enterprise value may reflect underlying challenges or adverse market conditions affecting the financial strength and valuation over this five-year span.

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Apache Corp. (NYSE:APA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)