2023 Q2 Form 10-Q Financial Statement

#000178403123000013 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.796B $2.008B
YoY Change -41.06% -24.77%
Cost Of Revenue $492.0M $537.0M
YoY Change -44.53% -22.73%
Gross Profit $1.304B $1.471B
YoY Change -39.63% -25.48%
Gross Profit Margin 72.61% 73.26%
Selling, General & Admin $200.0M $195.0M
YoY Change -23.37% -36.48%
% of Gross Profit 15.34% 13.26%
Research & Development $37.00M $47.00M
YoY Change -31.48% 23.68%
% of Gross Profit 2.84% 3.2%
Depreciation & Amortization $367.0M $332.0M
YoY Change 32.01% 14.09%
% of Gross Profit 28.14% 22.57%
Operating Expenses $1.105B $1.079B
YoY Change -22.29% -10.68%
Operating Profit $691.0M $929.0M
YoY Change -57.48% -36.41%
Interest Expense -$31.00M -$28.00M
YoY Change -71.3% -80.95%
% of Operating Profit -4.49% -3.01%
Other Income/Expense, Net $109.0M -$32.00M
YoY Change 70.31% -171.11%
Pretax Income $700.0M $810.0M
YoY Change -52.12% -64.75%
Income Tax $238.0M $484.0M
% Of Pretax Income 34.0% 59.75%
Net Earnings $462.0M $326.0M
YoY Change -56.7% -83.25%
Net Earnings / Revenue 25.72% 16.24%
Basic Earnings Per Share $1.24 $0.78
Diluted Earnings Per Share $1.23 $0.78
COMMON SHARES
Basic Shares Outstanding 308.6M shares 311.0M shares
Diluted Shares Outstanding 309.0M shares 312.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.0M $154.0M
YoY Change -49.65% -34.19%
Cash & Equivalents $142.0M $154.0M
Short-Term Investments
Other Short-Term Assets $1.093B $1.060B
YoY Change 20.51% 45.4%
Inventory $488.0M $488.0M
Prepaid Expenses
Receivables $1.364B $1.518B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.599B $2.732B
YoY Change -15.7% 5.36%
LONG-TERM ASSETS
Property, Plant & Equipment $9.368B $9.179B
YoY Change 13.81% 13.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $695.0M $605.0M
YoY Change 12.46% 5.03%
Other Assets $582.0M $697.0M
YoY Change -41.33% -43.1%
Total Long-Term Assets $10.65B $10.48B
YoY Change 8.17% 6.05%
TOTAL ASSETS
Total Short-Term Assets $2.599B $2.732B
Total Long-Term Assets $10.65B $10.48B
Total Assets $13.24B $13.21B
YoY Change 2.48% 5.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $656.0M $658.0M
YoY Change -29.08% -10.48%
Accrued Expenses $1.003B $943.0M
YoY Change 6.03% 17.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change -98.4% -98.4%
Total Short-Term Liabilities $2.630B $2.454B
YoY Change -6.51% 16.08%
LONG-TERM LIABILITIES
Long-Term Debt $5.574B $5.796B
YoY Change 8.02% 0.56%
Other Long-Term Liabilities $439.0M $451.0M
YoY Change -6.79% -11.74%
Total Long-Term Liabilities $439.0M $451.0M
YoY Change -6.79% -11.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.630B $2.454B
Total Long-Term Liabilities $439.0M $451.0M
Total Liabilities $3.069B $2.905B
YoY Change -6.55% 10.67%
SHAREHOLDERS EQUITY
Retained Earnings -$5.191B -$5.572B
YoY Change -22.28% -26.73%
Common Stock $263.0M $263.0M
YoY Change 0.38% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $709.0M $444.0M
YoY Change
Total Liabilities & Shareholders Equity $13.24B $13.21B
YoY Change 2.48% 5.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $462.0M $326.0M
YoY Change -56.7% -83.25%
Depreciation, Depletion And Amortization $367.0M $332.0M
YoY Change 32.01% 14.09%
Cash From Operating Activities $1.000B $335.0M
YoY Change -34.85% -62.4%
INVESTING ACTIVITIES
Capital Expenditures $580.0M $549.0M
YoY Change -249.48% -244.85%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $4.000M
YoY Change -95.16% 300.0%
Cash From Investing Activities -$583.0M -$532.0M
YoY Change 29.56% -214.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -429.0M $106.0M
YoY Change -58.63% -107.44%
NET CHANGE
Cash From Operating Activities 1.000B $335.0M
Cash From Investing Activities -583.0M -$532.0M
Cash From Financing Activities -429.0M $106.0M
Net Change In Cash -12.00M -$91.00M
YoY Change -125.0% 33.82%
FREE CASH FLOW
Cash From Operating Activities $1.000B $335.0M
Capital Expenditures $580.0M $549.0M
Free Cash Flow $420.0M -$214.0M
YoY Change -78.16% -116.85%

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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="#i3ff2e44b7bfa435893db1d884ed0be19_49" 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="#i3ff2e44b7bfa435893db1d884ed0be19_61" 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="#i3ff2e44b7bfa435893db1d884ed0be19_67" 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 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="#i3ff2e44b7bfa435893db1d884ed0be19_73" 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%">), the estimation of the contingent liability representing Apache’s potential decommissioning obligations on 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="#i3ff2e44b7bfa435893db1d884ed0be19_76" 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%">), 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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CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
321000000 usd
CY2023Q1 us-gaap Taxes Other
TaxesOther
52000000 usd
CY2023Q1 us-gaap Exploration Expense
ExplorationExpense
52000000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
332000000 usd
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
28000000 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
1079000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
929000000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
53000000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1000000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-32000000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
65000000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
4000000 usd
CY2023Q1 apa Financing Costs Net
FinancingCostsNet
72000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
810000000 usd
CY2023Q1 us-gaap Assets
Assets
13213000000 usd
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 Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2298000000 usd
CY2022Q1 us-gaap Assets
Assets
12476000000 usd

Files In Submission

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apa-20230331_def.xml Edgar Link unprocessable
0001784031-23-000013-index-headers.html Edgar Link pending
0001784031-23-000013-index.html Edgar Link pending
0001784031-23-000013.txt Edgar Link pending
0001784031-23-000013-xbrl.zip Edgar Link pending
apa-20230331.htm Edgar Link pending
apa-20230331.xsd Edgar Link pending
apa2023q1-exhibit311.htm Edgar Link pending
apa2023q1-exhibit312.htm Edgar Link pending
apa2023q1-exhibit321.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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apa-20230331_pre.xml Edgar Link unprocessable
apa-20230331_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
apa-20230331_htm.xml Edgar Link completed
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apa-20230331_cal.xml Edgar Link unprocessable