2024 Q2 Form 10-Q Financial Statement

#000178403124000008 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.543B $1.951B
YoY Change 41.59% -2.84%
Cost Of Revenue $670.0M $501.0M
YoY Change 36.18% -6.7%
Gross Profit $1.873B $1.450B
YoY Change 43.63% -1.43%
Gross Profit Margin 73.65% 74.32%
Selling, General & Admin $284.0M $234.0M
YoY Change 42.0% 20.0%
% of Gross Profit 15.16% 16.14%
Research & Development $71.00M $138.0M
YoY Change 91.89% 193.62%
% of Gross Profit 3.79% 9.52%
Depreciation & Amortization $588.0M $430.0M
YoY Change 60.22% 29.52%
% of Gross Profit 31.39% 29.66%
Operating Expenses $1.564B $1.260B
YoY Change 41.54% 16.77%
Operating Profit $979.0M $691.0M
YoY Change 41.68% -25.62%
Interest Expense -$103.0M -$71.00M
YoY Change 232.26% 153.57%
% of Operating Profit -10.52% -10.27%
Other Income/Expense, Net -$7.000M $15.00M
YoY Change -106.42% -146.88%
Pretax Income $928.0M $447.0M
YoY Change 32.57% -44.81%
Income Tax $308.0M $235.0M
% Of Pretax Income 33.19% 52.57%
Net Earnings $620.0M $212.0M
YoY Change 34.2% -34.97%
Net Earnings / Revenue 24.38% 10.87%
Basic Earnings Per Share $1.46 $0.44
Diluted Earnings Per Share $1.46 $0.44
COMMON SHARES
Basic Shares Outstanding 371.2M shares 301.8M shares
Diluted Shares Outstanding 372.0M shares 302.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.0M $102.0M
YoY Change 12.68% -33.77%
Cash & Equivalents $160.0M $102.0M
Short-Term Investments
Other Short-Term Assets $822.0M $807.0M
YoY Change -24.79% -23.87%
Inventory $466.0M $472.0M
Prepaid Expenses
Receivables $1.936B $1.597B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.918B $2.506B
YoY Change 12.27% -8.27%
LONG-TERM ASSETS
Property, Plant & Equipment $14.46B $10.14B
YoY Change 54.31% 10.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $2.821B $2.303B
YoY Change 384.71% 230.42%
Total Long-Term Assets $17.28B $12.45B
YoY Change 62.3% 18.75%
TOTAL ASSETS
Total Short-Term Assets $2.918B $2.506B
Total Long-Term Assets $17.28B $12.45B
Total Assets $20.20B $14.95B
YoY Change 52.48% 13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.012B $694.0M
YoY Change 54.27% 5.47%
Accrued Expenses $1.372B $1.092B
YoY Change 36.79% 15.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $2.889B $2.152B
YoY Change 9.85% -12.31%
LONG-TERM LIABILITIES
Long-Term Debt $6.741B $5.178B
YoY Change 20.94% -10.66%
Other Long-Term Liabilities $531.0M $462.0M
YoY Change 20.96% 2.44%
Total Long-Term Liabilities $531.0M $462.0M
YoY Change 20.96% 2.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.889B $2.152B
Total Long-Term Liabilities $531.0M $462.0M
Total Liabilities $3.420B $2.614B
YoY Change 11.44% -10.02%
SHAREHOLDERS EQUITY
Retained Earnings -$2.286B -$2.827B
YoY Change -55.96% -49.26%
Common Stock $307.0M $263.0M
YoY Change 16.73% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.423B $2.607B
YoY Change
Total Liabilities & Shareholders Equity $20.20B $14.95B
YoY Change 52.48% 13.16%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $620.0M $212.0M
YoY Change 34.2% -34.97%
Depreciation, Depletion And Amortization $588.0M $430.0M
YoY Change 60.22% 29.52%
Cash From Operating Activities $877.0M $368.0M
YoY Change -12.3% 9.85%
INVESTING ACTIVITIES
Capital Expenditures $756.0M $530.0M
YoY Change 30.34% -3.46%
Acquisitions
YoY Change
Other Investing Activities $692.0M $13.00M
YoY Change -23166.67% 225.0%
Cash From Investing Activities -$64.00M -$88.00M
YoY Change -89.02% -83.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -755.0M -$265.0M
YoY Change 75.99% -350.0%
NET CHANGE
Cash From Operating Activities 877.0M $368.0M
Cash From Investing Activities -64.00M -$88.00M
Cash From Financing Activities -755.0M -$265.0M
Net Change In Cash 58.00M $15.00M
YoY Change -583.33% -116.48%
FREE CASH FLOW
Cash From Operating Activities $877.0M $368.0M
Capital Expenditures $756.0M $530.0M
Free Cash Flow $121.0M -$162.0M
YoY Change -71.19% -24.3%

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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="#i5b55675d345c4f8ea521e2a79f1db990_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 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="#i5b55675d345c4f8ea521e2a79f1db990_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="#i5b55675d345c4f8ea521e2a79f1db990_76" 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="#i5b55675d345c4f8ea521e2a79f1db990_79" 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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CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
27000000 usd
CY2024Q1 apa Financing Costs Net
FinancingCostsNet
76000000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
447000000 usd
CY2024Q1 us-gaap Assets
Assets
14952000000 usd
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
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001784031-24-000008-index-headers.html Edgar Link pending
0001784031-24-000008-index.html Edgar Link pending
0001784031-24-000008.txt Edgar Link pending
0001784031-24-000008-xbrl.zip Edgar Link pending
apa-20240331.htm Edgar Link pending
apa-20240331.xsd Edgar Link pending
apa2024q1-exhibit311.htm Edgar Link pending
apa2024q1-exhibit312.htm Edgar Link pending
apa2024q1-exhibit321.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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apa-20240331_def.xml Edgar Link unprocessable
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report.css Edgar Link pending
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apa-20240331_cal.xml Edgar Link unprocessable