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Anadarko Petroleum Corp. (NYSE:APC)

This company has been moved to the archive! The financial data has not been updated since October 31, 2017.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Anadarko Petroleum Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012
Accounts payable 5.02 6.14 5.97 6.33 5.68
Accrued expenses 0.85 0.91 0.82 2.27 1.34
Interest payable 0.54 0.53 0.40 0.00 0.00
Production, property, and other taxes payable 0.52 0.69 0.54 0.00 0.00
Current asset retirement obligations 0.28 0.67 0.42 0.73 0.57
Short-term debt 0.09 0.07 0.00 0.90 0.00
Tronox-related contingent liability 0.00 0.00 8.45 0.00 0.00
Current liabilities 7.30% 9.01% 16.59% 10.22% 7.59%
Long-term debt, excluding current portion 33.54 33.86 24.46 23.42 25.23
Deferred income taxes 9.49 11.63 14.99 16.57 16.66
Asset retirement obligations 6.15 3.77 2.91 2.89 3.02
Tronox-related contingent liability 0.00 0.00 0.00 1.52 0.00
Other 9.51 8.42 4.86 2.97 5.89
Other long-term liabilities 25.15% 23.82% 22.77% 23.96% 25.56%
Noncurrent liabilities 58.68% 57.69% 47.23% 47.38% 50.80%
Total liabilities 65.99% 66.70% 63.82% 57.60% 58.39%
Common stock, par value $0.10 per share 0.13 0.11 0.08 0.09 0.10
Paid-in capital 26.06 19.96 14.60 15.47 15.65
Retained earnings 3.74 10.51 19.66 25.74 26.30
Treasury stock -2.27 -2.14 -1.52 -1.60 -1.60
Accumulated other comprehensive loss -0.86 -0.83 -0.84 -0.51 -1.22
Stockholders’ equity 26.80% 27.62% 31.97% 39.18% 39.23%
Noncontrolling interests 7.21 5.68 4.20 3.21 2.38
Total equity 34.01% 33.30% 36.18% 42.40% 41.61%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2016-12-31), 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).

An analysis of the common-size balance sheet from 2012 to 2016 reveals a progressive shift in the capital structure, characterized by a systemic increase in total liabilities and a corresponding decline in total equity. Total liabilities rose from 58.39% of total liabilities and equity in 2012 to 65.99% by 2016, indicating an increased reliance on external financing and obligations to fund operations and assets.

Liability Composition and Long-Term Debt
A significant upward trend is observed in long-term debt, which increased from 25.23% in 2012 to 33.54% in 2016. This growth is particularly evident between 2014 and 2015, where debt jumped from 24.46% to 33.86%. Simultaneously, deferred income taxes showed a consistent decline, falling from 16.66% in 2012 to 9.49% in 2016. Asset retirement obligations also doubled over the period, increasing from 3.02% to 6.15%, reflecting growing future environmental and decommissioning liabilities.
Equity Erosion and Capital Adjustments
The most pronounced trend within the equity section is the precipitous decline in retained earnings, which fell from 26.30% in 2012 to only 3.74% by 2016. This suggests significant cumulative losses or substantial dividend distributions over the five-year period. To mitigate this erosion, paid-in capital increased from 15.65% to 26.06%, indicating that the organization relied on issuing new equity to maintain its capital base. Consequently, total stockholders' equity decreased from 39.23% to 26.80%.
Current Liabilities and Contingent Obligations
Current liabilities exhibited volatility, peaking in 2014 at 16.59% before receding to 7.30% by 2016. This spike was primarily driven by a one-time Tronox-related contingent liability that represented 8.45% of the balance sheet in 2014. Once this liability was resolved or reclassified, current liabilities returned to levels lower than those observed in 2012.
Noncontrolling Interests
There is a steady increase in noncontrolling interests, rising from 2.38% in 2012 to 7.21% in 2016. This trend suggests an increasing proportion of ownership by external partners in consolidated subsidiaries.

In summary, the financial position transitioned toward higher leverage and diminished retained wealth. The organization countered the decline in retained earnings through increased paid-in capital and higher long-term debt, resulting in a balance sheet that is more heavily weighted toward liabilities by the end of the observed period.

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