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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
Quarterly Data

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

Microsoft Excel
Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011
Accounts payable 2.23 2.31 3.28 2.37 2.01 2.08 2.16 2.16 2.44 2.35 2.62 2.23 2.12 1.98 1.80 1.93 1.85 1.99 2.01 1.79 2.21 2.02
Accrued operating expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.33 0.36 0.43
Accrued exploration and development 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.80 2.96 3.12
Accrued compensation and benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.30 0.29 0.29
Accrued income taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.56 0.57 0.00
Current debt 0.00 0.00 0.01 0.00 0.00 5.34 0.00 0.03 0.00 0.00 0.09 0.09 0.75 1.61 1.63 1.64 0.99 0.81 0.83 0.88 0.96 0.07
Derivative instruments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.44 0.37 0.49 0.34 0.03 0.24 0.19 0.10 0.07 0.28 0.22 0.11 0.49 1.09
Other current liabilities 4.21 4.02 6.49 5.42 4.74 3.87 4.39 4.87 4.59 4.41 4.43 4.84 5.23 5.16 5.50 5.50 6.03 5.75 6.48 1.70 1.79 1.80
Current liabilities 6.45% 6.33% 9.77% 7.79% 6.75% 11.29% 6.55% 7.06% 7.47% 7.13% 7.63% 7.51% 8.14% 9.00% 9.11% 9.17% 8.95% 8.82% 9.53% 8.47% 9.64% 8.82%
Long-term debt, excluding current maturities 35.81 35.25 46.58 31.56 27.40 19.89 20.10 17.88 15.81 15.83 15.69 18.04 19.41 18.59 18.70 18.14 16.90 13.98 13.04 14.29 15.91 18.12
Income taxes 9.48 10.24 5.69 7.18 7.49 13.59 16.98 15.25 14.00 13.93 13.57 13.77 13.41 13.21 13.21 12.93 12.90 13.56 13.83 11.66 10.10 9.51
Asset retirement obligation 11.11 10.46 13.60 9.23 7.18 6.36 5.45 5.08 4.99 4.90 5.03 5.18 6.75 6.79 6.75 6.45 6.53 6.54 6.61 5.48 5.45 5.53
Other 1.43 1.34 1.92 1.19 0.91 0.76 0.64 0.66 0.68 0.66 0.66 0.74 0.63 0.64 0.64 1.09 1.10 1.28 1.29 1.33 1.59 1.86
Deferred credits and other noncurrent liabilities 22.02% 22.04% 21.21% 17.60% 15.57% 20.71% 23.07% 20.98% 19.67% 19.49% 19.26% 19.70% 20.80% 20.65% 20.61% 20.47% 20.54% 21.38% 21.73% 18.47% 17.14% 16.90%
Noncurrent liabilities 57.83% 57.29% 67.79% 49.16% 42.97% 40.60% 43.16% 38.85% 35.49% 35.32% 34.95% 37.74% 40.21% 39.23% 39.30% 38.61% 37.44% 35.36% 34.76% 32.76% 33.05% 35.02%
Total liabilities 64.28% 63.61% 77.56% 56.95% 49.72% 51.89% 49.71% 45.92% 42.96% 42.45% 42.58% 45.25% 48.35% 48.23% 48.42% 47.77% 46.39% 44.18% 44.30% 41.23% 42.69% 43.84%
Preferred stock, no par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.94 1.99 2.02 2.09 2.14 2.30 2.36 2.58 2.64 2.73
Common stock, $0.625 par 1.06 1.04 1.36 0.92 0.73 0.53 0.46 0.42 0.42 0.42 0.41 0.42 0.39 0.40 0.40 0.42 0.43 0.45 0.46 0.51 0.52 0.53
Paid-in capital 51.29 50.75 66.17 44.93 35.35 25.60 22.23 20.30 20.15 20.10 19.88 18.58 15.67 16.02 16.23 16.63 17.02 17.11 17.42 18.99 19.28 19.90
Retained earnings (accumulated deficit) -10.66 -9.51 -37.96 0.22 16.45 23.65 29.04 34.69 36.91 36.27 35.74 36.42 34.28 33.63 33.19 33.29 34.05 36.09 35.54 36.62 35.38 34.06
Treasury stock, at cost -11.86 -11.68 -15.33 -10.39 -8.18 -5.94 -5.17 -4.68 -3.74 -2.47 -1.67 -0.46 -0.44 -0.05 -0.05 -0.05 -0.05 -0.06 -0.06 -0.07 -0.07 -0.07
Accumulated other comprehensive income (loss) -0.49 -0.48 -0.62 -0.42 -0.33 -0.24 -0.21 -0.19 -0.19 -0.19 -0.19 -0.20 -0.19 -0.22 -0.22 -0.15 0.02 -0.08 -0.02 0.13 -0.43 -0.99
Total Apache shareholders’ equity 29.34% 30.12% 13.62% 35.27% 44.02% 43.60% 46.36% 50.53% 53.55% 54.13% 54.18% 54.75% 51.65% 51.77% 51.58% 52.23% 53.61% 55.82% 55.70% 58.77% 57.31% 56.16%
Noncontrolling interest 6.38 6.26 8.82 7.78 6.26 4.51 3.93 3.55 3.49 3.43 3.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total equity 35.72% 36.39% 22.44% 43.05% 50.28% 48.11% 50.29% 54.08% 57.04% 57.55% 57.42% 54.75% 51.65% 51.77% 51.58% 52.23% 53.61% 55.82% 55.70% 58.77% 57.31% 56.16%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).

The capital structure underwent a fundamental shift between March 2011 and June 2016, transitioning from a predominantly equity-funded model to one characterized by significantly higher leverage. Total liabilities as a percentage of total liabilities and shareholders' equity remained relatively stable under 50% for the first several years before spiking to a peak of 77.56% in December 2015, subsequently settling at 64.28% by June 2016.

Long-Term Debt and Noncurrent Liabilities
Long-term debt, excluding current maturities, exhibited a marked increase, rising from 18.12% in March 2011 to a peak of 46.58% in December 2015. This surge indicates a heavy reliance on long-term borrowing to sustain the balance sheet during the latter part of the observed period. Additionally, asset retirement obligations showed a steady upward trend, increasing from 5.53% in March 2011 to 11.11% by June 2016, reflecting growing future decommissioning and environmental liabilities.
Current Liabilities Profile
Current liabilities remained comparatively stable, generally fluctuating between 6% and 10% of the total capital structure. A temporary increase to 11.29% occurred in March 2015, but the ratio generally contracted toward the end of the period, reaching 6.45% by June 2016. Accounts payable remained consistently low, typically oscillating between 1.8% and 3.3%.
Retained Earnings and Equity Erosion
A severe deterioration in retained earnings is evident. After maintaining a stable range of 33% to 36% between 2011 and 2013, the ratio collapsed rapidly starting in 2014, reaching a deficit of -37.96% by December 2015. This trajectory indicates substantial net losses. To counteract this erosion, paid-in capital was significantly increased, rising from 19.90% in March 2011 to a peak of 66.17% in December 2015, suggesting aggressive equity issuance to maintain solvency.
Overall Equity Position
Total equity as a percentage of total liabilities and shareholders' equity declined from a high of 58.77% in September 2011 to a low of 22.44% in December 2015. Although a recovery to 35.72% was recorded by June 2016, the overall trend demonstrates a significantly weakened equity cushion and an increased risk profile compared to the initial baseline.

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