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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Apache Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Net income (loss) including noncontrolling interest	(23,528)	(5,060)	2,288)	2,001)	4,584)
Loss from discontinued operations	771)	517)	—)	—)	—)
Depreciation, depletion, and amortization	29,372)	10,158)	6,700)	7,109)	4,204)
Impairments	1,920)	2,357)	—)	—)	—)
Asset retirement obligation accretion	145)	181)	243)	232)	154)
Provision for (benefit from) deferred income taxes	(5,778)	495)	263)	677)	1,246)
Other	102)	(51)	260)	226)	46)
Receivables	663)	828)	124)	12)	(759)
Inventories	21)	(44)	(70)	(59)	(37)
Drilling advances	138)	(56)	230)	(343)	26)
Deferred charges and other	(435)	(211)	(124)	61)	27)
Accounts payable	(489)	(294)	479)	(100)	241)
Accrued expenses	(156)	(450)	(553)	(1,142)	90)
Deferred credits and noncurrent liabilities	88)	9)	(5)	(170)	131)
Changes in operating assets and liabilities	(170)	(218)	81)	(1,741)	(281)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	26,362)	13,439)	7,547)	6,503)	5,369)
Net cash provided by operating activities	2,834)	8,379)	9,835)	8,504)	9,953)
Additions to oil and gas property	(4,578)	(9,721)	(10,019)	(8,781)	(6,414)
Additions to gas gathering, transmission, and processing facilities	(233)	(1,159)	(1,201)	(750)	(664)
Acquisitions	(367)	(1,492)	(215)	(3,357)	(1,813)
Proceeds from divestitures	1,245)	2,622)	4,098)	—)	—)
Proceeds from sale of oil and gas properties, other	268)	470)	307)	27)	422)
Other, net	6)	(272)	(86)	(563)	(176)
Net cash used in investing activities	(3,659)	(9,552)	(7,116)	(13,424)	(8,645)
Commercial paper, credit facilities and bank notes, net	(1,570)	1,568)	(513)	549)	(925)
Fixed rate debt borrowings	—)	—)	—)	4,978)	—)
Payments on fixed rate debt	(939)	—)	(2,072)	(400)	—)
Distributions to noncontrolling interest	(129)	(140)	—)	—)	—)
Proceeds from sale of noncontrolling interest	—)	—)	2,948)	—)	—)
Dividends paid	(377)	(365)	(360)	(332)	(306)
Treasury stock activity, net	—)	(1,864)	(997)	—)	—)
Other	53)	49)	21)	(10)	84)
Net cash provided by (used in) financing activities	(2,962)	(752)	(973)	4,785)	(1,147)
Net cash provided by discontinued operating activities	150)	82)	—)	—)	—)
Net cash provided by discontinued investing activities	4,335)	748)	—)	—)	—)
Net cash used in discontinued financing activities	—)	(42)	—)	—)	—)
Net cash provided by discontinued operations	4,485)	788)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	698)	(1,137)	1,746)	(135)	161)
Cash and cash equivalents at beginning of year	769)	1,906)	160)	295)	134)
Cash and cash equivalents at end of year	1,467)	769)	1,906)	160)	295)

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 between 2011 and 2015 is characterized by a severe deterioration in reported profitability contrasted with a sustained, though eventually declining, capacity to generate cash from operations. While net income remained positive through 2013, a sharp reversal occurred in 2014 and 2015, culminating in a net loss of 23.5 billion US dollars in the final year of the period.

Operating Cash Flow Dynamics: Net cash provided by operating activities exhibited relative stability between 2011 and 2014, ranging from 8.3 billion to 9.8 billion US dollars. However, a significant contraction occurred in 2015, with operating cash flow dropping to 2.8 billion US dollars. The disparity between the massive net losses in 2014 and 2015 and the positive operating cash flow is primarily attributable to non-cash charges. Depreciation, depletion, and amortization increased dramatically, reaching 29.3 billion US dollars in 2015, while impairment charges became prominent in 2014 and 2015, totaling 2.3 billion and 1.9 billion US dollars, respectively.
Investing Activities and Capital Expenditure: A pattern of aggressive capital investment was evident from 2011 to 2014, with additions to oil and gas properties consistently exceeding 6 billion US dollars annually, peaking at 10 billion US dollars in 2013. In 2015, there was a notable reduction in capital expenditure, with additions to oil and gas properties falling to 4.5 billion US dollars. This period also saw a strategic shift toward asset monetization; proceeds from divestitures rose significantly from 4.1 billion US dollars in 2013 to 1.2 billion US dollars in 2015, helping to offset the cash outflows from investing activities.
Financing and Liquidity Management: Financing activities fluctuated throughout the period. Significant debt borrowing occurred in 2012, while 2013 and 2014 were marked by treasury stock activity totaling approximately 2.8 billion US dollars. Dividend payments remained remarkably consistent, increasing slightly from 306 million US dollars in 2011 to 377 million US dollars in 2015 despite the volatility in earnings. Net cash used in financing activities increased to 2.9 billion US dollars by 2015.
Impact of Discontinued Operations: Discontinued operations provided a critical liquidity buffer in the latter part of the analyzed period. Net cash provided by discontinued operations was 788 million US dollars in 2014 and surged to 4.4 billion US dollars in 2015. The majority of this cash inflow in 2015 was derived from discontinued investing activities, totaling 4.3 billion US dollars, which significantly bolstered the year-end cash position.

By the end of 2015, the company demonstrated a reliance on asset divestitures and discontinued operations to sustain liquidity in the face of precipitous declines in net income and weakening operating cash flows.

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