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Stock Analysis on Net

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 Income Statement

Apache Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Oil revenues 78.32 78.20 78.67 77.95 75.43
Gas revenues 18.13 16.94 17.25 18.84 21.47
Natural gas liquids revenues 3.56 4.86 4.08 3.21 3.11
Oil and gas production revenues 100.00% 100.00% 100.00% 100.00% 100.00%
Lease operating expenses -29.05 -18.03 -18.63 -17.51 -15.50
Gathering and transportation -3.31 -1.99 -1.81 -1.79 -1.76
Cost of revenues -32.35% -20.02% -20.44% -19.30% -17.26%
Gross profit 67.65% 79.98% 79.56% 80.70% 82.74%
Recurring -55.32 -34.53 -31.18 -28.39 -22.69
Additional -399.77 -36.37 -7.17 -11.36 -0.65
Oil and gas property and equipment -455.08% -70.90% -38.35% -39.76% -23.34%
Other assets -5.08 -2.98 -2.50 -2.19 -1.67
Depreciation, depletion, and amortization -460.16% -73.88% -40.85% -41.95% -25.01%
Asset retirement obligation accretion -2.27 -1.32 -1.48 -1.37 -0.92
Taxes other than income -4.42 -4.93 -5.07 -5.09 -5.35
Impairments -30.08 -17.14 0.00 0.00 0.00
General and administrative -5.91 -3.16 -3.07 -3.13 -2.73
Transaction, reorganization, and separation -2.07 -0.49 -0.20 -0.18 -0.12
Operating income (loss) -437.26% -20.93% 28.89% 28.98% 48.62%
Derivative instrument gains (losses), net 0.00 2.07 -2.43 -0.47 0.00
Other -0.27 -1.32 0.31 1.24 0.46
Interest expense, net of capitalized interest -4.06 -0.99 -1.20 -1.03 -1.01
Amortization of deferred loan costs -0.17 -0.04 -0.05 -0.04 -0.03
Gain (loss) on extinguishment of debt -0.61 0.00 0.10 0.00 0.00
Interest income 0.16 0.09 0.09 0.10 0.10
Financing costs, net -4.68% -0.95% -1.06% -0.97% -0.94%
Net income (loss) from continuing operations before income taxes -442.21% -21.14% 25.70% 28.78% 48.14%
Income tax (provision) benefit 85.68 -11.91 -11.75 -16.97 -20.87
Net income (loss) from continuing operations including noncontrolling interest -356.53% -33.04% 13.95% 11.81% 27.27%
Net loss from discontinued operations, net of tax -12.08 -3.76 0.00 0.00 0.00
Net income (loss) including noncontrolling interest -368.60% -36.80% 13.95% 11.81% 27.27%
Net (income) loss attributable to noncontrolling interest 6.41 -2.49 -0.34 0.00 0.00
Net income (loss) attributable to Apache shareholders -362.20% -39.30% 13.61% 11.81% 27.27%
Preferred stock dividends 0.00 0.00 -0.27 -0.45 -0.45
Income (loss) attributable to common stock -362.20% -39.30% 13.34% 11.36% 26.82%

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 financial performance exhibits a severe transition from strong profitability in the early part of the period to catastrophic losses by 2015. While revenue streams remained relatively stable in their composition, a dramatic escalation in non-cash charges and operational costs eroded the operating margin, leading to a significant collapse in net income attributable to common stockholders.

Revenue Composition
Oil revenues remained the primary driver of total production revenues, maintaining a consistent share between 75.43% in 2011 and 78.32% in 2015. Gas revenues showed a gradual decline from 21.47% to 18.13% over the same period, while natural gas liquids remained a marginal contributor, peaking at 4.86% in 2014.
Operational Cost Trends
Cost of revenues remained relatively stable between 2011 and 2014, ranging from 17.26% to 20.44%. However, a sharp increase occurred in 2015, where costs rose to 32.35% of production revenues. This was largely driven by lease operating expenses, which nearly doubled from 15.50% in 2011 to 29.05% in 2015.
Asset Impairment and Depreciation
The most significant impact on profitability stemmed from depreciation, depletion, and amortization (DD&A). This metric rose from 25.01% in 2011 to 73.88% in 2014, before escalating to an extreme 460.16% in 2015. Additionally, impairment charges emerged in 2014 at 17.14% and increased to 30.08% in 2015, indicating substantial write-downs of asset values.
Operating Income and Profitability
Operating income experienced a precipitous decline, falling from a peak of 48.62% in 2011 to a loss of 20.93% in 2014, and finally reaching a deficit of 437.26% in 2015. This trend reflects a total collapse of operational viability relative to revenue during the final year analyzed.
Net Income and Tax Impacts
Net income attributable to common stock mirrored the operating decline, moving from 26.82% in 2011 to a loss of 362.20% in 2015. In 2015, a substantial income tax benefit of 85.68% was recorded, which served to partially offset the massive operating losses, though it was insufficient to prevent a deep net loss.

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