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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: Liabilities and Stockholders’ Equity

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

Microsoft Excel
Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Accounts payable 3.28 2.16 2.62 1.80 2.01
Derivative instruments 0.00 0.00 0.49 0.19 0.22
Accrued operating expenses 0.74 0.29 0.31 0.35 0.42
Accrued exploration and development 3.38 2.87 2.57 2.95 2.75
Accrued compensation and benefits 0.88 0.36 0.39 0.33 0.35
Accrued interest 0.76 0.29 0.26 0.26 0.26
Accrued income taxes 0.25 0.10 0.40 0.49 1.02
Current asset retirement obligation 0.19 0.07 0.20 0.79 0.86
Current debt 0.01 0.00 0.09 1.63 0.83
Other 0.28 0.41 0.31 0.33 0.82
Other current liabilities 6.49% 4.39% 4.52% 7.13% 7.30%
Current liabilities 9.77% 6.55% 7.63% 9.11% 9.53%
Long-term debt, excluding current maturities 46.58 20.10 15.69 18.70 13.04
Income taxes 5.69 16.98 13.57 13.21 13.83
Asset retirement obligation 13.60 5.45 5.03 6.75 6.61
Other 1.92 0.64 0.66 0.64 1.29
Deferred credits and other noncurrent liabilities 21.21% 23.07% 19.26% 20.61% 21.73%
Noncurrent liabilities 67.79% 43.16% 34.95% 39.30% 34.76%
Total liabilities 77.56% 49.71% 42.58% 48.42% 44.30%
Preferred stock, no par value, 6% Cumulative Mandatory Convertible, Series D, $1,000 per share liquidation preference 0.00 0.00 0.00 2.02 2.36
Common stock, $0.625 par 1.36 0.46 0.41 0.40 0.46
Paid-in capital 66.17 22.23 19.88 16.23 17.42
Retained earnings (accumulated deficit) -37.96 29.04 35.74 33.19 35.54
Treasury stock, at cost -15.33 -5.17 -1.67 -0.05 -0.06
Accumulated other comprehensive loss -0.62 -0.21 -0.19 -0.22 -0.02
Total Apache shareholders’ equity 13.62% 46.36% 54.18% 51.58% 55.70%
Noncontrolling interest 8.82 3.93 3.24 0.00 0.00
Total equity 22.44% 50.29% 57.42% 51.58% 55.70%
Total liabilities and equity 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 financial structure underwent a significant transformation between 2011 and 2015, characterized by a substantial shift from equity-based financing to debt-based financing. Total liabilities increased from 44.30% of total liabilities and equity in 2011 to 77.56% by 2015, while total equity experienced a corresponding decline from 55.70% to 22.44% over the same period.

Long-Term Debt and Noncurrent Liabilities
A dramatic escalation in long-term debt is observed, rising from 13.04% in 2011 to 46.58% in 2015. This trend was the primary driver for the increase in noncurrent liabilities, which grew from 34.76% to 67.79%. Furthermore, the asset retirement obligation increased from 6.61% in 2011 to 13.60% in 2015, indicating that long-term environmental liabilities became a more prominent component of the balance sheet.
Equity Composition and Retained Earnings
A severe erosion of retained earnings occurred, transitioning from a positive position of 35.54% in 2011 to an accumulated deficit of -37.96% by 2015. To mitigate this decline in equity, there was a massive increase in paid-in capital, which surged from 17.42% in 2011 to 66.17% in 2015, suggesting a significant injection of external capital. Additionally, treasury stock expanded from -0.06% to -15.33%, reflecting a substantial increase in the acquisition of the company's own shares.
Current Liabilities and Short-Term Obligations
Current liabilities remained relatively stable compared to long-term obligations, fluctuating between a low of 6.55% in 2014 and a high of 9.77% in 2015. While components such as accounts payable (increasing from 2.01% to 3.28%) and accrued operating expenses (increasing from 0.42% to 0.74%) showed upward trends by 2015, these changes were marginal relative to the volatility seen in noncurrent liabilities and equity accounts.
Overall Solvency Trend
The progression of the common-size balance sheet indicates a weakening solvency position. The reliance on debt as a percentage of total funding increased sharply, particularly in 2015, while the internal funding provided by retained earnings was completely exhausted and replaced by a deficit, necessitating higher levels of paid-in capital to maintain the balance sheet structure.

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