This company has been moved to the archive! The financial data has not been updated since August 4, 2016.
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.
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
The financial data reveals significant trends and fluctuations in revenues, expenses, and profitability over the analyzed periods.
Revenues
Oil revenues exhibited a general decline from early 2011 through mid-2016, with peaks around mid-2012 and late 2013, followed by a sharp decrease starting early 2014 continuing into 2016. Gas revenues became available only starting in 2013, showing a moderate decline over the subsequent quarters. Natural gas liquids revenues, also reported from 2013 onwards, displayed a fluctuating but generally downward trend. Overall, combined oil and gas production revenues followed a similar declining pattern, peaking around 2013 and decreasing steadily thereafter.
Costs and Expenses
Lease operating expenses showed a gradual decline starting in 2011, with occasional minor fluctuations, continuing until mid-2016 where the values appear lower compared to earlier periods. Gathering and transportation costs remained relatively stable with small declines toward the later periods. Total cost of revenues mirrored these patterns, decreasing over the long term. General and administrative expenses remained relatively constant with minor variations over time.
Profitability
Gross profit corresponded closely with revenue trends, peaking around the early and late 2011 and 2013 quarters, then declining sharply starting in 2014. Operating income (loss) showed strong income in the early years but transitioned to substantial losses starting late 2014 and continued deteriorating through 2015, with slight improvement by mid-2016. Income from continuing operations before taxes followed a similar pattern. The net income attributable to common stock experienced notable decreases beginning in 2014, leading to significant losses throughout 2015 and partial recovery attempts in 2016.
Depreciation, Depletion, and Amortization
These expenses increased markedly from 2011 into 2015, peaking in the middle of that period, reflecting heavy capital costs, which coincided with growing impairments recognized from early 2014 onwards. The impairments, substantial mainly during 2014 and 2015, contributed significantly to the operating losses experienced in those years.
Other Observations
The data indicates smaller but notable impacts from derivative instrument gains and losses from 2012 to 2014. There were also occasional transaction and separation costs, increasing particularly from 2012 through 2015. Income tax provisions fluctuated considerably, sometimes yielding benefits likely associated with operating losses in later years. The net loss from discontinued operations appeared sporadically in certain quarters, affecting net income figures.
In summary, the company experienced declining revenues primarily driven by lower oil revenues, increased non-cash charges such as impairments and depreciation during 2014 and 2015, and a resulting transition from profitability to substantial operating and net losses. Costs were managed somewhat downward in operating expenses but could not counterbalance the revenue declines and increasing depreciation and impairment charges. Signs of modest recovery appeared in mid-2016, although profitability remained challenged.
