Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 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).
The analysis of the quarterly financial data reveals several significant trends in asset composition and valuation over the periods reviewed.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents as a percentage of total assets exhibits notable fluctuations. It increased from around 5.4% in early 2012 to a peak exceeding 13% during late 2014 and early 2017. However, there were periods of decline, especially in 2015 and mid-2016, where the ratio dropped below 4%, indicating variable liquidity levels over the observed periods.
- Accounts Receivable (Net of Allowance)
- Combined accounts receivable (customer and others) showed a general decline from approximately 6% to below 4% of total assets by the end of 2016 and into 2017. Customer-related receivables had relatively moderate stability but with a slight downward trend from early 2012 to 2017. Other receivables demonstrated more volatility, peaking in 2015 near 4% before declining sharply to around 1.5%–2% in the later periods, indicating possible changes in credit management or collection efficiency.
- Algeria Exceptional Profits Tax Settlement
- This asset component was only present in the earlier quarters of 2012 and 2013, ranging from around 2.7% down to nearly zero by mid-2013, after which no values were reported. This suggests a one-time or limited-duration accounting item that ceased to contribute to asset composition after early 2013.
- Other Current Assets
- The percentage of other current assets relative to total assets demonstrated relative stability, generally hovering around 1% with minor short-term variations. A noticeable peak occurred in late 2014, rising above 2%, followed by a return to typical levels around 0.7%–0.8% in 2017, indicating modest fluctuations but overall a minor component of total assets.
- Current Assets (Aggregate)
- Overall current assets as a percentage of total assets fluctuated significantly, generally ranging between 8.5% and 19%. Notably, there were marked increases toward the end of 2014 and in the first half of 2017, coinciding with increases in cash and cash equivalents and other current components. Conversely, the lowest levels were observed in late 2015, reflecting decreases in liquidity and short-term asset holdings during that period.
- Properties and Equipment (Cost)
- Cost values of properties and equipment steadily increased from approximately 113% of total assets in early 2012 to peaks exceeding 150% by late 2015 and again approaching 150% in late 2017. This persistent upward trend signals significant capital investment or asset acquisitions, although the proportion relative to total assets exceeding 100% suggests other asset components reduce the net asset base, likely due to accumulated depreciation adjustments.
- Accumulated Depreciation, Depletion, and Amortization
- This category consistently showed increasing negative values from about -43% to as high as -86% of total assets, indicating growing deductions against property and equipment costs. The rate of increase in accumulated depreciation accelerated notably after 2013, corresponding with rising asset costs, thus reflecting consistent asset aging or usage intensities.
- Net Properties and Equipment
- Net properties and equipment, after accounting for depreciation, remained a major part of total assets, fluctuating between roughly 64% and 73%. There is some variability without a clear upward or downward trend, suggesting stable long-term asset values despite heavy investment and depreciation activities.
- Other Assets
- Other asset categories maintained a narrow range from around 3% to 5.6% of total assets, with occasional peaks in late 2014 and late 2015. These fluctuations indicate minor but consistent components in the overall asset mix.
- Goodwill and Other Intangible Assets
- The proportion of goodwill and intangible assets showed an overall moderate increase, from about 10.7% to approximately 13% of total assets over the analyzed periods. The rise around 2014 and 2015 suggests acquisitions or revaluations of intangible assets during that timeframe.
- Noncurrent Assets
- Noncurrent assets consistently represented the dominant share of total assets, generally maintaining between 80% and 92%. This stable dominance underscores the asset-intensive nature of the entity’s operations, with a focus on long-term investments and fixed assets throughout the years.
- Total Assets
- The total assets percentage remains constant at 100% as expected, serving as the base for the relative analysis of all components.
In summary, the data indicates a strong emphasis on noncurrent assets, particularly properties and equipment, with growing accumulated depreciation reflecting ongoing asset utilization. Liquidity components such as cash equivalents and current assets experienced cyclical variation, with notable peaks and troughs suggesting shifts in short-term financial positioning. The presence and later disappearance of the Algeria exceptional profits tax settlement denote a discrete event impacting asset composition. Intangible assets gradually increased, hinting at strategic investments or acquisitions. Overall, the financial structure is characterized by heavy investment in long-term assets balanced by fluctuating liquidity and receivable levels.