2022 Q1 Form 10-Q Financial Statement

#000178403122000015 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $2.669B $2.299B $0.00
YoY Change 88.6% -100.0%
Cost Of Revenue $695.0M $778.0M $758.0M
YoY Change -8.31% 85.68% 80.05%
Gross Profit $1.974B $1.521B $1.113B
YoY Change 77.36% 90.13% 20.59%
Gross Profit Margin 73.96% 66.16%
Selling, General & Admin $307.0M $269.0M $185.0M
YoY Change 65.95% 51.98% 7.56%
% of Gross Profit 15.55% 17.69% 16.62%
Research & Development $38.00M $41.00M $31.00M
YoY Change 22.58% -43.06% -18.42%
% of Gross Profit 1.93% 2.7% 2.79%
Depreciation & Amortization $291.0M $332.0M $342.0M
YoY Change -14.91% -14.87% -39.58%
% of Gross Profit 14.74% 21.83% 30.73%
Operating Expenses $1.208B $670.0M $1.279B
YoY Change -5.55% 0.45% -77.35%
Operating Profit $1.461B $851.0M $592.0M
YoY Change 146.79% 539.85% -113.76%
Interest Expense -$147.0M -$43.00M $48.00M
YoY Change -406.25% -36.76% -123.3%
% of Operating Profit -10.06% -5.05% 8.11%
Other Income/Expense, Net $45.00M $53.00M $61.00M
YoY Change -26.23% 130.43% 369.23%
Pretax Income $2.298B $654.0M $620.0M
YoY Change 270.65% 834.29% -113.58%
Income Tax $352.0M $169.0M $170.0M
% Of Pretax Income 15.32% 25.84% 27.42%
Net Earnings $1.946B $382.0M $450.0M
YoY Change 332.44% 3720.0% -109.74%
Net Earnings / Revenue 72.91% 16.62%
Basic Earnings Per Share $5.44 $1.02
Diluted Earnings Per Share $5.43 $1.052M $1.02
COMMON SHARES
Basic Shares Outstanding 346.0M shares 363.3M shares 378.0M shares
Diluted Shares Outstanding 347.0M shares 379.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $234.0M $302.0M $538.0M
YoY Change -56.51% 15.27% 25.7%
Cash & Equivalents $234.0M $302.0M $538.0M
Short-Term Investments
Other Short-Term Assets $729.0M $684.0M $736.0M
YoY Change -0.95% 1.18% 287.37%
Inventory $529.0M $473.0M $502.0M
Prepaid Expenses
Receivables $1.630B $1.394B $1.071B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.593B $2.380B $2.345B
YoY Change 10.58% 28.93% 22.9%
LONG-TERM ASSETS
Property, Plant & Equipment $8.082B $8.335B $8.718B
YoY Change -7.3% -5.49% -9.05%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $576.0M $1.365B $1.567B
YoY Change -63.24% -12.22% 17.2%
Other Assets $1.225B $1.223B $497.0M
YoY Change 146.48% 132.51% -11.25%
Total Long-Term Assets $9.883B $10.92B $10.78B
YoY Change -8.34% 0.21% -6.1%
TOTAL ASSETS
Total Short-Term Assets $2.593B $2.380B $2.345B
Total Long-Term Assets $9.883B $10.92B $10.78B
Total Assets $12.48B $13.30B $13.13B
YoY Change -4.96% 4.37% -1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $735.0M $731.0M $524.0M
YoY Change 40.27% 64.64% -0.76%
Accrued Expenses $801.0M $834.0M $612.0M
YoY Change 30.88% 21.93% -18.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $125.0M $215.0M $2.000M
YoY Change 6150.0% 10650.0% -99.63%
Total Short-Term Liabilities $2.114B $2.117B $1.338B
YoY Change 58.0% 61.85% -33.93%
LONG-TERM LIABILITIES
Long-Term Debt $5.764B $7.295B $8.713B
YoY Change -33.85% -16.82% 4.52%
Other Long-Term Liabilities $511.0M $573.0M $581.0M
YoY Change -12.05% -4.82% -75.55%
Total Long-Term Liabilities $511.0M $573.0M $9.294B
YoY Change -94.5% -93.89% -13.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.114B $2.117B $1.338B
Total Long-Term Liabilities $511.0M $573.0M $9.294B
Total Liabilities $2.625B $2.690B $10.63B
YoY Change -75.31% -74.81% -27.36%
SHAREHOLDERS EQUITY
Retained Earnings -$7.605B -$9.488B -$10.07B
YoY Change -24.5% -9.3%
Common Stock $262.0M $262.0M $262.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.296B $4.036B $3.189B
YoY Change 34.71% 26.56%
Treasury Stock Shares 79.38M shares 72.15M shares 40.94M shares
Shareholders Equity -$18.00M -$1.595B -$1.258B
YoY Change
Total Liabilities & Shareholders Equity $12.48B $13.30B $13.13B
YoY Change -4.96% 4.37% -1.97%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $1.946B $382.0M $450.0M
YoY Change 332.44% 3720.0% -109.74%
Depreciation, Depletion And Amortization $291.0M $332.0M $342.0M
YoY Change -14.91% -14.87% -39.58%
Cash From Operating Activities $891.0M $1.085B $671.0M
YoY Change 32.79% 117.87% 33.67%
INVESTING ACTIVITIES
Capital Expenditures -$379.0M -$315.0M -$256.0M
YoY Change 48.05% 59.9% -51.79%
Acquisitions
YoY Change
Other Investing Activities $1.000M $24.00M -$7.000M
YoY Change -114.29% 242.86% -133.33%
Cash From Investing Activities $466.0M -$291.0M -$267.0M
YoY Change -274.53% 53.16% -47.54%
FINANCING ACTIVITIES
Cash Dividend Paid $9.000M
YoY Change -90.43%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.425B -869.0M -$128.0M
YoY Change 1013.28% 317.79% -168.09%
NET CHANGE
Cash From Operating Activities $891.0M 1.085B $671.0M
Cash From Investing Activities $466.0M -291.0M -$267.0M
Cash From Financing Activities -$1.425B -869.0M -$128.0M
Net Change In Cash -$68.00M -75.00M $276.0M
YoY Change -124.64% -175.0% 52.49%
FREE CASH FLOW
Cash From Operating Activities $891.0M $1.085B $671.0M
Capital Expenditures -$379.0M -$315.0M -$256.0M
Free Cash Flow $1.270B $1.400B $927.0M
YoY Change 37.0% 101.44% -10.26%

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of the Company’s financial statements, and changes in these estimates are recorded when known. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates with regard to these financial statements include the estimates of fair value for long-lived assets (refer to “Fair Value Measurements” and “Property and Equipment” sections in this Note 1 below), the fair value determination of acquired assets and liabilities (refer to </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ia1b4d77639dd4e12a3c9bfd8fcd0a0da_46" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 2—Acquisitions and Divestitures</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), the fair value of equity method interests (refer to “Equity Method Interests” within this Note 1 below and </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ia1b4d77639dd4e12a3c9bfd8fcd0a0da_58" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 6—Equity Method Interests</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), the assessment of asset retirement obligations (refer to </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ia1b4d77639dd4e12a3c9bfd8fcd0a0da_64" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 8—Asset Retirement Obligation</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), the estimation of the contingent liability representing Apache’s potential obligation to decommission sold properties in the Gulf of Mexico (refer to </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ia1b4d77639dd4e12a3c9bfd8fcd0a0da_73" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 11—Commitments and Contingencies</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), the estimate of income taxes (refer to </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ia1b4d77639dd4e12a3c9bfd8fcd0a0da_70" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 10—Income Taxes</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), and the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom.</span></div>
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CY2021Q4 apa Decommissioning Security For Sold Properties
DecommissioningSecurityForSoldProperties
640000000 USD
CY2021Q4 apa Current Decommissioning Security For Sold Gulf Of Mexico Assets
CurrentDecommissioningSecurityForSoldGulfOfMexicoAssets
100000000 USD
CY2022Q1 apa Common Stock Conversion Ratio
CommonStockConversionRatio
1
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1883000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
346000000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.44
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
388000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
378000000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2022Q1 apa Earnings Per Share Dilutive Securities Effect On Basic Earnings Per Share
EarningsPerShareDilutiveSecuritiesEffectOnBasicEarningsPerShare
-0.01
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2021Q1 apa Earnings Per Share Dilutive Securities Effect On Basic Earnings Per Share
EarningsPerShareDilutiveSecuritiesEffectOnBasicEarningsPerShare
0
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1883000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
347000000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.43
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
388000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
379000000 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2900000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000000 shares
CY2018Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
40000000 shares
CY2020 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2021Q4 apa Stock Repurchase Program Additional Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramAdditionalNumberOfSharesAuthorizedToBeRepurchased
40000000 shares
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
7200000 shares
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
36.08
CY2022Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
41600000 shares
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
43000000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9000000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.025
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0625
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.125
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
344000000 USD
CY2022Q1 us-gaap Taxes Other
TaxesOther
70000000 USD
CY2022Q1 us-gaap Exploration Expense
ExplorationExpense
42000000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
291000000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
29000000 USD
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
1208000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1461000000 USD
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-62000000 USD
CY2022Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1176000000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
45000000 USD
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
156000000 USD
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
14000000 USD
CY2022Q1 apa Financing Costs Net
FinancingCostsNet
152000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2298000000 USD
CY2022Q1 us-gaap Assets
Assets
12476000000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
264000000 USD
CY2021Q1 us-gaap Taxes Other
TaxesOther
44000000 USD
CY2021Q1 us-gaap Exploration Expense
ExplorationExpense
49000000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
342000000 USD
CY2021Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
28000000 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
1279000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
592000000 USD
CY2021Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
158000000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
2000000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
61000000 USD
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
83000000 USD
CY2021Q1 apa Financing Costs Net
FinancingCostsNet
110000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
620000000 USD
CY2021Q1 us-gaap Assets
Assets
13127000000 USD

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