Apache Corp. (NYSE:APA)

The analysis of the quarterly financial data reveals several notable trends across various asset categories as a percentage of total assets over the period from March 2011 to June 2016.

Cash and cash equivalents

This category shows fluctuations with a notable peak observed in mid-2015, reaching as high as 8.35% in June 2015. After this peak, the proportion decreases but remains elevated compared to earlier years, suggesting increased liquidity or cash holdings in certain periods.

Short-term restricted cash

Reported data is sparse, with minor values appearing only around 2014, indicating limited use or reporting of short-term restricted cash within the total asset mix during most periods.

Receivables, net of allowance

The proportion of receivables to total assets generally trends downward from around 5.55% in early 2011 to lower levels near 3.63%-4.79% in later years, with some increases in 2015. This decline may signify improved collections or changes in credit policy.

Inventories

Inventories exhibit a gradual upward trend from approximately 1.32% in early 2011 to a peak above 3% in late 2015, indicating increasing inventory holdings relative to total assets during this timeframe.

Drilling advances

The values fluctuate moderately between roughly 0.44% and 0.97%, without a clear directional trend, indicating a relatively stable allocation to drilling advances over time.

Assets held for sale

Reported only in certain quarters around 2014 and 2015, with values up to 3.71%, suggesting occasional divestitures or reclassification of assets during these periods.

Derivative instruments

Minor involvement is noted early in the period with declines to near zero from 2012 onwards, indicating diminished reliance or occurrence of derivatives within asset composition.

Deferred tax asset

Peaks occur around 1.58% in mid-2014, followed by a sharp decrease, reflecting changes in tax positions or timing differences affecting asset recognition.

Prepaid assets and other

This line item fluctuates slightly but generally remains around 0.3% to 1.6%, showing some variability but no consistent long-term trend.

Current assets

A downward trend is observed from around 10.53% in mid-2011 to a low near 7% in 2014, followed by an increase peaking near 20% in late 2015, which may indicate changing liquidity management or operational needs.

Proved properties

There is a strong increasing trend, growing from approximately 132% of total assets in 2011 to a peak of nearly 473% in late 2015, followed by a reversion to lower levels. This reflects significant capital investment or revaluation in proved properties relative to total assets, likely due to accounting classification or reporting methodology.

Unproved properties and properties under development

Fluctuations range from around 9% to 17%, peaking in 2015, indicating active development and exploratory asset accumulation within the portfolio before declining towards the end of the period.

Oil and gas, on successful efforts accounting basis

This aggregate component grows markedly from approximately 144% to nearly 487% by late 2015, consistent with the pattern seen in proved properties and indicative of increased capitalization of oil and gas assets.

Gathering, transmission and processing facilities

This asset category remains relatively stable around 9% to 12% for several years but experiences a sharp decrease after 2014, falling to around 3.5% by mid-2016, possibly due to asset sales or reclassification.

Other assets

Shows a gradual increase from about 1.35% to nearly 5.8% in late 2015, signaling a growing share of miscellaneous or non-core assets during the latter part of the period.

Property and equipment, less accumulated depreciation, depletion and amortization

Displays a steady increase from about 155% to nearly 498% by late 2015, aligning with the growth in oil and gas properties and indicating heightened investment or capitalization of property and equipment assets.

Accumulated depreciation, depletion and amortization

Also increasing in magnitude (negative values growing deeper) over time from around -68% to a peak of -423%, suggesting ongoing charges against the property and equipment base corresponding to increased asset levels.

Property and equipment, net

The net figure after accumulated depreciation remains relatively stable around 80% to 88% of total assets, with gradual declines post-2013, possibly reflecting increased depreciation charges or slower asset additions relative to the accumulated base.

Long-term restricted cash

Reported intermittently with minor percentages around 2014, indicating limited usage or reporting of long-term restricted cash.

Deferred charges and other

This component remains relatively consistent between 2.6% and 5.2%, with slight fluctuations but no substantial trend.

Other assets and Noncurrent assets

Both categories show a stable share of total assets around 3.7%-5.8% and 80%-92% respectively, confirming that the majority of total assets are noncurrent in nature throughout the analyzed period with minor variations.

Overall, the data suggest significant capital investment in oil and gas properties leading to increased property and equipment balances and accumulated depreciation. Liquidity measures remain variable, with cash levels spiking notably in 2015. The increase in inventories and other assets in the latter part of the period might reflect changes in operational strategy or asset classification. A decline in gathering, transmission, and processing facilities' proportion hints at possible restructuring or asset disposals. The stable noncurrent asset dominance underscores an asset-heavy profile consistent with the industry sector.