Name: Apache Corp. (NYSE:APA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Download chart

Apache Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Oil revenues	1,118)	822)	907)	1,213)	1,599)	1,280)	2,234)	2,753)	2,950)	2,815)	3,728)	4,409)	4,119)	4,146)	4,393)	4,141)	3,956)	4,457)	4,295)	4,282)	4,355)	3,878)
Gas revenues	209)	223)	253)	309)	295)	300)	556)	538)	589)	646)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Natural gas liquids revenues	59)	42)	61)	50)	58)	58)	136)	177)	169)	186)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Oil and gas production revenues	1,386)	1,087)	1,221)	1,572)	1,952)	1,638)	2,926)	3,468)	3,708)	3,647)	3,728)	4,409)	4,119)	4,146)	4,393)	4,141)	3,956)	4,457)	4,295)	4,282)	4,355)	3,878)
Lease operating expenses	(359)	(378)	(456)	(450)	(467)	(481)	(617)	(652)	(613)	(597)	(637)	(819)	(829)	(771)	(790)	(801)	(704)	(673)	(659)	(661)	(662)	(623)
Gathering and transportation	(52)	(52)	(48)	(58)	(49)	(56)	(70)	(67)	(66)	(70)	(60)	(83)	(80)	(74)	(68)	(86)	(72)	(77)	(75)	(72)	(73)	(76)
Cost of revenues	(411)	(430)	(504)	(508)	(516)	(537)	(687)	(719)	(679)	(667)	(697)	(902)	(909)	(845)	(858)	(887)	(776)	(750)	(734)	(733)	(735)	(699)
Gross profit	975)	657)	717)	1,064)	1,436)	1,101)	2,239)	2,749)	3,029)	2,980)	3,031)	3,507)	3,210)	3,301)	3,535)	3,254)	3,180)	3,707)	3,561)	3,549)	3,620)	3,179)
Taxes other than income	(65)	(11)	(49)	(104)	(55)	(74)	(146)	(170)	(181)	(181)	(222)	(185)	(183)	(242)	(235)	(167)	(203)	(257)	(236)	(244)	(255)	(164)
Exploration	(91)	(95)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
General and administrative	(103)	(93)	(98)	(86)	(111)	(82)	(109)	(112)	(94)	(119)	(127)	(127)	(133)	(116)	(147)	(124)	(132)	(128)	(132)	(112)	(103)	(112)
Oil and gas property and equipment	(629)	(636)	(7,540)	(6,550)	(6,739)	(8,219)	(4,546)	(2,735)	(1,358)	(1,109)	(1,986)	(2,073)	(1,311)	(1,330)	(1,305)	(1,935)	(1,842)	(1,656)	(1,174)	(1,065)	(1,029)	(936)
Other assets	(40)	(42)	(79)	(79)	(83)	(83)	(114)	(100)	(99)	(97)	297)	(99)	(93)	(105)	(103)	(94)	(90)	(84)	—)	—)	—)	—)
Depreciation, depletion, and amortization	(669)	(678)	(7,619)	(6,629)	(6,822)	(8,302)	(4,660)	(2,835)	(1,457)	(1,206)	(1,689)	(2,172)	(1,404)	(1,435)	(1,408)	(2,029)	(1,932)	(1,740)	(1,174)	(1,065)	(1,029)	(936)
Asset retirement obligation accretion	(38)	(38)	(36)	(37)	(36)	(36)	(46)	(46)	(45)	(44)	(47)	(66)	(65)	(65)	(60)	(60)	(57)	(55)	(40)	(39)	(38)	(37)
Impairments	(173)	—)	(1,553)	(367)	—)	—)	(2,357)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Transaction, reorganization, and separation	(9)	(15)	(12)	—)	(66)	(54)	(17)	(34)	(14)	(2)	(33)	—)	—)	—)	(2)	(7)	(16)	(6)	(5)	(4)	(6)	(5)
Operating income (loss)	(173)	(273)	(8,650)	(6,159)	(5,654)	(7,447)	(5,096)	(448)	1,238)	1,428)	913)	957)	1,425)	1,443)	1,683)	867)	840)	1,521)	1,974)	2,085)	2,189)	1,925)
Derivative instrument gains (losses), net	—)	—)	—)	—)	—)	—)	205)	273)	(174)	(20)	(124)	(422)	247)	(100)	(79)	—)	—)	—)	—)	—)	—)	—)
Other	(21)	(3)	42)	(76)	25)	(8)	(179)	(1)	(50)	48)	(28)	32)	17)	30)	77)	38)	16)	79)	2)	46)	(17)	47)
Gain (loss) on divestitures	17)	(1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Financing costs, net	(104)	(105)	(60)	(107)	(63)	(69)	(27)	(41)	(35)	(27)	(19)	(51)	(51)	(53)	(40)	(40)	(45)	(40)	(35)	(37)	(41)	(45)
Income (loss) from continuing operations before income taxes	(281)	(382)	(8,668)	(6,342)	(5,692)	(7,524)	(5,097)	(217)	979)	1,429)	742)	516)	1,638)	1,320)	1,641)	865)	811)	1,560)	1,941)	2,094)	2,131)	1,927)
Income tax (provision) benefit	81)	11)	798)	791)	860)	3,020)	331)	(1,024)	(366)	(578)	(512)	(210)	(603)	(603)	(973)	(685)	(455)	(763)	(752)	(1,092)	(872)	(793)
Net income (loss) from continuing operations including noncontrolling interest	(200)	(371)	(7,870)	(5,551)	(4,832)	(4,504)	(4,766)	(1,241)	613)	851)	230)	306)	1,035)	717)	668)	180)	356)	797)	1,189)	1,002)	1,259)	1,134)
Net loss from discontinued operations, net of tax	—)	—)	188)	(95)	(732)	(132)	—)	—)	—)	(517)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) including noncontrolling interest	(200)	(371)	(7,682)	(5,646)	(5,564)	(4,636)	(4,766)	(1,241)	613)	334)	230)	306)	1,035)	717)	668)	180)	356)	797)	1,189)	1,002)	1,259)	1,134)
Net (income) loss attributable to noncontrolling interest	(44)	(1)	469)	(9)	(36)	(15)	(48)	(89)	(108)	(98)	(56)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Apache shareholders	(244)	(372)	(7,213)	(5,655)	(5,600)	(4,651)	(4,814)	(1,330)	505)	236)	174)	306)	1,035)	717)	668)	180)	356)	797)	1,189)	1,002)	1,259)	1,134)
Preferred stock dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6)	(19)	(19)	(19)	(19)	(19)	(19)	(19)	(19)	(19)	(19)
Net income (loss) attributable to common stock	(244)	(372)	(7,213)	(5,655)	(5,600)	(4,651)	(4,814)	(1,330)	505)	236)	174)	300)	1,016)	698)	649)	161)	337)	778)	1,170)	983)	1,240)	1,115)

A comprehensive analysis of the financial performance from the first quarter of 2011 through the second quarter of 2016 reveals a period of initial stability followed by a severe financial contraction beginning in late 2014. The company experienced a transition from consistent quarterly profitability to substantial operating and net losses, primarily driven by a collapse in oil revenues and significant non-cash impairment charges.

Revenue Trajectory: Oil revenues remained relatively stable between March 2011 and September 2013, generally fluctuating between 3.7 billion and 4.5 billion USD. A downward trend commenced in late 2013, accelerating sharply throughout 2015. By December 2015, oil revenues had fallen to 907 million USD, representing a peak-to-trough decline of approximately 80%. While gas and natural gas liquids revenues were introduced as distinct line items in 2014, they followed a similar trajectory of decline during the 2015 period.
Operational Expenditure and Gross Profit: Gross profits were robust from 2011 through 2013, consistently exceeding 3 billion USD per quarter. As revenues declined, lease operating expenses also decreased in absolute terms, falling from a high of 829 million USD in June 2013 to 359 million USD by June 2016. Despite this reduction in spending, the precipitous drop in revenue led to a significant compression of gross profit, which fell to 657 million USD by March 2016.
Depreciation, Depletion, and Amortization (DD&A) and Impairments: A critical shift occurred in 2015, characterized by a massive surge in DD&A expenses. These costs escalated from approximately 1.4 billion USD per quarter in 2013 to a peak of 8.3 billion USD in March 2015. This spike, coupled with significant impairment charges—most notably 2.3 billion USD in December 2014 and 1.5 billion USD in March 2016—indicates substantial write-downs of asset values in response to deteriorating market conditions.
Operating Income and Net Profitability: Operating income transitioned from a positive average of approximately 1.5 billion USD per quarter (2011-2013) to severe losses in 2015, reaching a nadir of negative 8.6 billion USD in December 2015. Net income attributable to common stock mirrored this collapse, moving from consistent quarterly gains exceeding 1 billion USD in 2011 to losses peaking at 7.2 billion USD in December 2015. A partial stabilization is observed in early 2016, with net losses narrowing to 244 million USD by June 2016.
Taxation and Non-Controlling Interests: During the periods of extreme loss in 2015, the company recorded significant income tax benefits, which partially offset the operating losses. For example, a tax benefit of 3.02 billion USD was recorded in March 2015. Additionally, losses attributable to non-controlling interests became more volatile during the 2015-2016 period, contributing to the divergence between consolidated net income and net income attributable to shareholders.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Apache Corp. (NYSE:APA)

Income StatementQuarterly Data

Income Statement
Quarterly Data