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Apache Corp. (NYSE:APA)

This company has been moved to the archive! The financial data has not been updated since August 4, 2016.

Common-Size Balance Sheet: Assets

Apache Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Cash and cash equivalents 7.79 1.37 3.09 0.26 0.57
Receivables, net of allowance 6.65 3.62 4.79 5.08 5.92
Inventories 3.03 1.27 1.45 1.49 1.26
Drilling advances 0.91 0.69 0.60 0.96 0.44
Assets held for sale 0.00 2.91 0.00 0.00 0.00
Deferred tax asset 0.00 1.37 0.22 0.00 0.00
Prepaid assets and other 1.54 0.23 0.18 0.37 1.05
Current assets 19.91% 11.47% 10.33% 8.17% 9.23%
Property and equipment, less accumulated depreciation, depletion, and amortization 74.93 85.92 85.05 87.72 87.31
Goodwill 0.46 0.16 2.22 2.12 2.14
Deferred charges and other 4.69 2.46 2.40 1.99 1.32
Other assets 5.15% 2.61% 4.62% 4.11% 3.46%
Noncurrent assets 80.09% 88.53% 89.67% 91.83% 90.77%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition demonstrates a significant strategic shift toward increased liquidity and a reduction in fixed asset concentration between 2011 and 2015. While the balance sheet was heavily dominated by noncurrent assets for the majority of the period, a notable reallocation occurred in the final year of the analysis.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets remained relatively stable between 8.17% and 11.47% from 2011 to 2014, before experiencing a substantial increase to 19.91% in 2015. This expansion was driven primarily by a surge in cash and cash equivalents, which rose from a low of 0.26% in 2012 to 7.79% by 2015. Additionally, inventories saw a significant increase in 2015, reaching 3.03% of total assets compared to a historical average of approximately 1.4%.
Fixed Asset and Noncurrent Asset Analysis
Noncurrent assets constituted the vast majority of the asset base, peaking at 91.83% in 2012. However, a downward trend emerged in 2015, where noncurrent assets fell to 80.09%. This decline is largely attributable to a sharp reduction in property and equipment, which dropped from 85.92% in 2014 to 74.93% in 2015. Such a decrease suggests either significant asset divestments or accelerated depletion and depreciation charges.
Intangible Assets and Deferred Charges
A critical shift is observed in goodwill, which remained stable at approximately 2.1% to 2.2% from 2011 to 2013 but plummeted to 0.16% in 2014, indicating a substantial impairment. Conversely, deferred charges and other assets exhibited a steady upward trajectory, increasing from 1.32% in 2011 to 4.69% in 2015, suggesting a rise in capitalized costs over the period.
Other Asset Components
Receivables showed volatility, peaking at 6.65% in 2015 after hitting a low of 3.62% in 2014. Drilling advances remained a minor component of the balance sheet, fluctuating within a narrow range between 0.44% and 0.96%. Other assets also trended upward, ending the period at 5.15% in 2015, compared to 3.46% in 2011.

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