Apache reports 18 percent year-over-year pro forma North American onshore liquids growth for second-quarter 2014

- Second-quarter highlights

- North American onshore pro forma liquids volumes exceeded 201,000 barrels per day

- Worldwide production averaged 636,000 barrels of oil equivalent (boe) per day; pro forma production averaged 550,000 boe per day

- Generated earnings from continuing operations of $1.31 per diluted share/$505 million; adjusted earnings of $1.67 per share/$644 million

- Operating activities provided net cash of $2.3 billion; $2.2 billion from continuing operations before changes in operating assets and liabilities

- Repurchased 8.9 million shares of common stock

- Company provides update on repositioning for North American onshore growth

31 Jul, 2014, 08:00 ET from Apache Corporation

HOUSTON, July 31, 2014 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced second-quarter 2014 earnings of $505 million or $1.31 per diluted common share and adjusted earnings, which exclude certain items that impact the comparability of results, of $644 million or $1.67 per share. For the same period in the prior year, Apache's earnings were $1 billion or $2.54 per diluted common share and adjusted earnings were $813 million or $2.04 per share. Net cash provided by operating activities totaled approximately $2.3 billion in second-quarter 2014, compared with $2.8 billion in the prior year, with cash from operations before changes in operating assets and liabilities totaling $2.2 billion, compared with $2.6 billion in second-quarter 2013. Prior-year results reflect contributions from properties that have been divested, including producing assets in the Gulf of Mexico, Canada, Argentina and a noncontrolling interest in Egypt.

"Record-setting performance by our Permian Region continues to drive strong results for the company," said G. Steven Farris, chairman, chief executive officer and president of Apache. "Apache's onshore North American liquids production increased 18 percent on a pro forma basis in the second-quarter 2014 compared with the same period a year ago," he said.

"We are excited about our initial results in emerging plays in the East Texas Eagle Ford and Canyon Lime in the U.S., and the Montney and Duvernay in Canada," Farris said. "We continue to broaden and advance our compelling North American onshore portfolio.

"During the quarter, Apache took additional steps in focusing on North American onshore liquids growth by completing the sale of the non-producing Lucius and Heidelberg deepwater developments and divesting selected, primarily gas-producing properties in western Canada and South Texas. This brings our divestments over the last year to $10 billion," he said.

Apache also returned additional capital to shareholders, purchasing 14.9 million shares of Apache common stock on the open market during the first six months of 2014, including 8.9 million shares during the second quarter at an average price of $87.30.

Update on repositioning for North American onshore growth

Consistent with the company's ongoing repositioning for profitable and repeatable North American onshore growth, Apache intends to completely exit the Wheatstone and Kitimat LNG projects.  In addition, Apache is evaluating its international assets and exploring multiple opportunities, including the potential separation of some or all of these assets through the capital markets.

Second-quarter 2014 production and operating highlights

Highlights from second-quarter include:

  • Total reported worldwide net daily production of oil, natural gas and natural gas liquids (NGLs) averaged 636,000 boe per day, with pro forma production averaging 550,000 boe per day.
  • North America onshore regions increased pro forma liquids production 31,000 barrels per day over the prior-year period. Total pro forma production averaged 201,000 barrels per day.
  • The Permian Region achieved record production averaging 155,000 boe per day, up 26 percent from the prior-year period. The region averaged 37 operated rigs during the quarter and drilled 164 gross operated wells (74 horizontal).

Oil and gas prices

Apache's mix of hydrocarbon production during the second-quarter 2014 included approximately 49 percent crude oil and 10 percent NGLs. Crude oil and NGLs contributed 84 percent of the company's revenue during the period.

Worldwide, Apache received an average price of $103.53 per barrel of crude oil during the second quarter compared with $98.47 per barrel in the prior-year period. Apache received an average price of $4.18 per thousand cubic feet (Mcf) of natural gas, compared with $3.97 per Mcf in the prior-year period.

Conference call

Apache will conduct a conference call to discuss its results and review its portfolio at 1 p.m. Central time Thursday, July 31. The conference call will be webcast from Apache's website, www.apachecorp.com. The webcast replay will be archived on Apache's website. The conference call will be available for delayed playback by telephone for one week beginning at approximately 4 p.m. Central time July 31. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 30666789.

Additional Information

Additional information follows, including reconciliations of adjusted earnings and cash from operations before changes in operating assets and liabilities (non-GAAP financial measures) to the most directly comparable GAAP financial measures and information regarding Pro Forma Production.  Our quarterly Operations and Financial Supplements are available at http://www.apachecorp.com/financialdata.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom and Australia. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play Store.      

Non-GAAP financial measures

Apache's financial information includes information prepared in conformity with generally accepted accounting standards (GAAP) as well as non-GAAP information. It is management's intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP.  Adjusted earnings and cash from continuing operations before changes in operating assets and liabilities are non-GAAP measures.  This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP.  Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. 

Forward-looking statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apache's operations, including statements about our drilling plans and production expectations, asset sales and monetizations and share repurchases. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2013 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

 

For the Quarter Ended June 30,

 

For the Six Months Ended June 30,

2014

2013

2014

2013

REVENUES AND OTHER:

Oil revenues

$                 2,950

$                 3,130

$                 5,765

$                 6,322

Gas revenues

589

721

1,235

1,402

NGL revenues

169

150

355

298

Oil and gas production revenues

3,708

4,001

7,355

8,022

Derivative instrument gains (losses)

(174)

247

(194)

147

Other 

(50)

20

(2)

45

3,484

4,268

7,159

8,214

COSTS AND EXPENSES:

Depreciation, depletion and amortization

Oil and gas property and equipment

    Recurring

1,155

1,258

2,264

2,468

    Additional

203

-

203

-

Other assets

99

92

196

194

Asset retirement obligation accretion

45

64

89

127

Lease operating expenses

613

781

1,210

1,503

Gathering and transportation 

66

77

136

150

Taxes other than income

181

170

362

399

General and administrative

94

126

199

238

Acquisition, divestiture & separation costs

14

-

30

-

Financing costs, net

35

52

62

107

2,505

2,620

4,751

5,186

INCOME BEFORE INCOME TAXES

979

1,648

2,408

3,028

Current income tax provision 

325

284

741

781

Deferred income tax provision

41

327

203

432

INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST

613

1,037

1,464

1,815

Loss from discontinued operations, net of tax

-

(2)

(517)

(63)

INCOME INCLUDING NONCONTROLLING INTEREST

613

1,035

947

1,752

Net income attributable to noncontrolling interest

108

-

206

-

Preferred stock dividends

-

19

-

38

NET INCOME ATTRIBUTABLE TO COMMON STOCK

$                    505

$                 1,016

$                    741

$                 1,714

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

Net income from continuing operations attributable to common shareholders

$                    505

$                 1,018

$                 1,258

$                 1,777

Net income (loss) from discontinued operations

-

(2)

(517)

(63)

Net income attributable to common shareholders

$                    505

$                 1,016

$                    741

$                 1,714

BASIC NET INCOME (LOSS) PER COMMON SHARE:

Basic net income from continuing operations per share

$                   1.31

$                   2.60

$                   3.23

$                   4.53

Basic net loss from discontinued operations per share

-

(0.01)

(1.33)

(0.16)

Basic net income per share

$                   1.31

$                   2.59

$                   1.90

$                   4.37

DILUTED NET INCOME (LOSS) PER COMMON SHARE:

Diluted net income from continuing operations per share

$                1.31

$                2.54

$                  3.21

$                  4.45

Diluted net loss from discontinued operations per share

-

-

(1.32)

(0.15)

Diluted net income per share

$                   1.31

$                   2.54

$                 1.89

$                   4.30

WEIGHTED-AVERAGE NUMBER OF COMMON 

   SHARES OUTSTANDING:

Basic

385

392

390

392

Diluted

387

408

392

408

DIVIDENDS DECLARED PER COMMON SHARE

$                    0.25

$                    0.20

$                 0.50

$                   0.40

 

APACHE CORPORATION

PRODUCTION INFORMATION

For the Quarter Ended June 30,

For the Six Months Ended June 30,

2014

2013

2014

2013

  OIL VOLUME - Barrels per day

Permian

90,536

68,811

89,437

68,358

Central

21,987

21,950

21,837

21,242

Gulf Coast

10,977

10,593

10,976

10,287

Canada

17,981

18,573

17,786

17,878

N.A. Onshore

141,481

119,927

140,036

117,765

Gulf of Mexico

6,896

8,223

6,592

7,732

GOM Shelf

2

47,721

339

45,684

North America

148,379

175,871

146,967

171,181

Egypt(1)

88,643

88,002

88,370

89,649

Australia

14,555

21,810

15,683

20,911

North Sea

61,610

63,667

60,358

66,051

International(1)

164,808

173,479

164,411

176,611

Total(1)

313,187

349,350

311,378

347,792

  NATURAL GAS VOLUME - Mcf per day

Permian

213,192

190,455

214,519

188,097

Central

264,948

275,507

262,636

276,262

Gulf Coast

95,765

107,424

97,494

106,423

Canada

316,740

520,797

347,057

519,991

N.A. Onshore

890,645

1,094,183

921,706

1,090,773

Gulf of Mexico

22,804

24,957

19,517

28,030

GOM Shelf

261

262,318

674

258,383

North America

913,710

1,381,458

941,897

1,377,186

Egypt(1)

367,950

357,291

372,628

361,428

Australia

210,470

212,022

213,116

213,202

North Sea

54,848

48,411

49,986

51,704

International(1)

633,268

617,724

635,730

626,334

Total(1)

1,546,978

1,999,182

1,577,627

2,003,520

  NGL VOLUME - Barrels per day

Permian

29,176

22,692

27,229

21,644

Central

23,738

23,021

24,094

21,279

Gulf Coast

2,545

2,502

2,484

2,408

Canada

5,921

6,686

6,840

6,675

N.A. Onshore

61,380

54,901

60,647

52,006

Gulf of Mexico

1,166

1,162

999

1,025

GOM Shelf

-

7,641

45

6,824

North America

62,546

63,704

61,691

59,855

Egypt(1)

884

-

560

-

North Sea

1,367

1,201

1,230

1,346

International(1)

2,251

1,201

1,790

1,346

Total(1)

64,797

64,905

63,481

61,201

  BOE per day

Permian

155,244

123,246

152,420

121,351

Central

89,883

90,888

89,704

88,565

Gulf Coast

29,483

30,998

29,710

30,432

Canada

76,692

112,059

82,469

111,218

N.A. Onshore

351,302

357,191

354,303

351,566

Gulf of Mexico

11,862

13,545

10,843

13,428

GOM Shelf

46

99,082

496

95,573

North America

363,210

469,818

365,642

460,567

Egypt(1)

150,853

147,551

151,035

149,887

Australia

49,633

57,147

51,203

56,444

North Sea

72,118

72,936

69,918

76,015

International(1)

272,604

277,634

272,156

282,346

Total(1)

635,814

747,452

637,798

742,913

Total excluding noncontrolling interest

585,567

747,452

587,702

742,913

(1)Includes production volume per day attributable to noncontrolling interest in Egypt

Oil (b/d)

29,508

-

29,288

-

Gas (mcf/d)

122,665

-

123,726

-

NGL (b/d)

295

-

187

-

  Discontinued Operations - Argentina

Oil (b/d)

-

9,365

3,424

9,331

Gas (mcf/d)

-

184,528

70,286

186,383

NGL (b/d)

-

2,239

640

2,529

BOE/d

-

42,359

15,778

42,924

 

APACHE CORPORATION

PRO FORMA PRODUCTION INFORMATION

Pro forma production excludes certain items that management believes affect the comparability of operating results for the periods presented. Pro forma production excludes production attributable to assets that have been divested (in the Gulf of Mexico shelf, Argentina, Canada, and South Texas), production attributable to a noncontrolling interest in our Egypt oil and gas business, and Egypt tax barrels. Management uses pro forma production to evaluate the company's operational trends and performance and believes it is useful to investors and other third parties.

For the Quarter Ended June 30,

For the Six Months Ended June 30,

2014

2013

2014

2013

  OIL VOLUME - Barrels per day

Permian

90,536

68,811

89,437

68,358

Central

21,987

21,950

21,837

21,242

Gulf Coast

10,677

10,009

10,661

9,814

Canada

17,817

17,357

17,615

16,659

N.A. Onshore

141,017

118,127

139,550

116,073

Gulf of Mexico

6,896

8,223

6,592

7,732

GOM Shelf

-

-

-

-

North America

147,913

126,350

146,142

123,805

Egypt

43,117

43,072

43,514

42,844

Australia

14,555

21,810

15,683

20,911

North Sea

61,610

63,667

60,358

66,051

International

119,282

128,549

119,555

129,806

Total

267,195

254,899

265,697

253,611

  NATURAL GAS VOLUME - Mcf per day

Permian

213,192

190,455

214,519

188,097

Central

264,948

275,507

262,636

276,262

Gulf Coast

80,976

83,156

81,762

82,786

Canada

289,744

307,139

291,270

308,950

N.A. Onshore

848,860

856,257

850,187

856,095

Gulf of Mexico

22,804

24,957

19,517

28,030

GOM Shelf

-

-

-

-

North America

871,664

881,214

869,704

884,125

Egypt

181,792

177,242

187,310

176,018

Australia

210,470

212,022

213,116

213,202

North Sea

54,848

48,411

49,986

51,704

International

447,110

437,675

450,412

440,924

Total

1,318,774

1,318,889

1,320,116

1,325,049

  NGL VOLUME - Barrels per day

Permian

29,176

22,692

27,229

21,644

Central

23,738

23,021

24,094

21,279

Gulf Coast

2,024

1,465

1,969

1,482

Canada

5,440

5,168

5,897

5,111

N.A. Onshore

60,378

52,346

59,189

49,516

Gulf of Mexico

1,166

1,162

999

1,025

GOM Shelf

-

-

-

-

North America

61,544

53,508

60,188

50,541

Egypt

455

-

290

-

North Sea

1,367

1,201

1,230

1,346

International

1,822

1,201

1,520

1,346

Total

63,366

54,709

61,708

51,887

  BOE per day

Permian

155,244

123,246

152,420

121,351

Central

89,883

90,888

89,704

88,565

Gulf Coast

26,197

25,333

26,257

25,094

Canada

71,548

73,715

72,057

73,262

N.A. Onshore

342,872

313,182

340,438

308,272

Gulf of Mexico

11,862

13,545

10,843

13,428

GOM Shelf

-

-

-

-

North America

354,734

326,727

351,281

321,700

Egypt

73,871

72,612

75,022

72,180

Australia

49,633

57,147

51,203

56,444

North Sea

72,118

72,936

69,918

76,015

International

195,622

202,695

196,143

204,639

Total

550,356

529,422

547,424

526,339

 

APACHE CORPORATION

PRICE INFORMATION

For the Quarter Ended June 30,

For the Six Months Ended June 30,

2014

2013

2014

2013

  AVERAGE OIL PRICE PER BARREL

Permian

$ 94.33

$ 92.08

$ 94.05

$ 87.49

Central

100.39

89.18

97.10

88.69

Gulf Coast

103.81

106.22

102.84

108.54

Canada

94.66

87.38

91.47

84.97

N.A. Onshore

96.06

92.03

94.91

89.16

Gulf of Mexico

102.63

105.54

102.06

107.83

GOM Shelf

 NM 

106.95

 NM 

109.19

North America (1)

96.24

96.11

95.15

94.70

Egypt

109.74

99.36

108.24

105.25

Australia

115.34

100.79

113.70

106.29

North Sea

109.33

102.95

108.00

106.85

International

110.08

100.86

108.67

105.97

Total(1)

103.53

98.47

102.29

100.43

  AVERAGE NATURAL GAS PRICE PER MCF

Permian

$   4.48

$   3.86

$   4.63

$   3.81

Central

4.49

3.91

4.84

3.82

Gulf Coast

4.72

4.27

4.83

3.91

Canada

4.21

3.52

4.30

3.37

N.A. Onshore

4.41

3.76

4.62

3.61

Gulf of Mexico

4.35

3.14

4.71

3.28

GOM Shelf

 NM 

4.18

 NM 

3.87

North America (1)

4.41

3.86

4.58

3.71

Egypt

2.96

3.00

2.99

2.97

Australia

4.40

4.70

4.41

4.82

North Sea

7.75

10.86

9.07

10.41

International

3.85

4.20

3.94

4.21

Total (1)

4.18

3.97

4.33

3.87

  AVERAGE NGL PRICE PER BARREL

Permian

$ 28.46

$ 25.53

$ 29.85

$ 25.61

Central

25.03

21.69

27.74

23.90

Gulf Coast

27.86

28.80

31.76

31.14

Canada

31.67

24.60

37.56

28.35

N.A. Onshore

27.42

23.96

29.96

25.52

Gulf of Mexico

31.73

31.26

31.84

32.73

GOM Shelf

 NM 

27.21

 NM 

27.93

North America

27.50

24.48

29.83

25.92

Egypt

57.67

-

59.05

-

North Sea

61.81

70.39

69.77

70.81

International

60.19

70.39

66.41

70.81

Total

28.64

25.33

30.86

26.91

  Discontinued Operations - Argentina

Oil price ($/Bbl)

$        -

$ 77.74

$ 72.70

$ 76.56

Gas price ($/Mcf)

-

2.79

3.04

2.99

NGL price ($/Bbl)

-

20.94

24.57

26.12

(1)  Prices reflect the impact of financial derivative hedging activities. 

 

APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(Unaudited)

(In millions)

June 30,

December 31,

2014

2013

Cash and Cash Equivalents

$                       524

$                     1,906

Short-Term Restricted Cash

1,138

-

Other Current Assets 

3,824

4,460

Property and Equipment, net

52,470

52,421

Long-Term Restricted Cash

229

-

Goodwill

1,369

1,369

Other Assets

1,617

1,481

Total Assets

$                   61,171

$                 61,637

Short-Term Debt

$                            1

$                         53

Other Current Liabilities

4,569

4,647

Long-Term Debt

9,674

9,672

Deferred Credits and Other Noncurrent Liabilities

12,035

11,872

Apache Shareholders' Equity

32,755

33,396

Noncontrolling interest

2,137

1,997

Total Liabilities and Shareholders' Equity

$                 61,171

$                 61,637

Common shares outstanding at end of period

382

396

 

APACHE CORPORATION

SUMMARY OF COSTS INCURRED AND GTP CAPITAL INVESTMENTS

(Unaudited)

(In millions)

For the Quarter Ended June 30, 

 For the Six Months Ended June 30, 

2014

2013

2014

2013

Costs Incurred in Oil and Gas Property:

Acquisitions

$                       3

$                        -

$                       5

$                  280

Exploration and Development

2,554

2,727

5,107

5,176

2,557

2,727

5,112

5,456

GTP Capital Investments:

Acquisitions

$                        -

$                        -

$                        -

$                    83

GTP Facilities

378

236

723

492

378

236

723

575

Total Costs Incurred and GTP Capital Investments

$               2,935

$               2,963

$               5,835

$               6,031

 

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In millions, except per share data)

Reconciliation of income attributable to common stock to adjusted earnings:

Adjusted earnings and adjusted earnings per share are non-GAAP financial measures. Adjusted earnings generally exclude certain items that management believes affect the comparability of operating results or are not related to Apache's ongoing operations. Management uses adjusted earnings to evaluate the company's operational trends and performance relative to other oil and gas companies. Management believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings for items that may obscure underlying fundamentals and trends. 

For the Quarter Ended June 30,

For the Six Months Ended June 30,

2014

2013

2014

2013

Income Attributable to Common Stock (GAAP)

$        505

$      1,016

$         741

$      1,714

Adjustments:

Argentina discontinued operations, net of tax

$             -

$             2

$         517

$            63

Oil & gas property write-downs, net of tax

77

-

77

-

Unrealized foreign currency fluctuation impact on deferred tax expense  

13

(66)

20

(70)

Acquisition, divestiture & separation costs, net of tax

9

-

20

-

Rig stacking costs, net of tax

9

-

9

-

Deferred tax adjustments

-

17

(5)

28

Commodity derivative mark-to-market, net of tax

31

(156)

(18)

(125)

Adjusted Earnings  (Non-GAAP)

$       644

$         813

$      1,361

$      1,610

Net Income per Common Share - Diluted (GAAP)

$      1.31

$        2.54

$        1.89

$        4.30

Adjustments:

Argentina discontinued operations, net of tax

$            -

$              -

1.32

0.15

Oil & gas property write-downs, net of tax

0.20

-

0.20

-

Unrealized foreign currency fluctuation impact on deferred tax expense  

0.03

(0.16)

0.05

(0.17)

Acquisition, divestiture & separation costs, net of tax

0.03

-

0.05

-

Rig stacking costs, net of tax

0.02

-

0.02

-

Deferred tax adjustments

-

0.04

(0.01)

0.07

Commodity derivative mark-to-market, net of tax

0.08

(0.38)

(0.05)

(0.31)

Adjusted Earnings Per Share - Diluted (Non-GAAP)

$      1.67

$        2.04

$        3.47

$        4.04

Total income tax provision (GAAP)

$       366

$         611

$         944

$      1,213

Adjustments:

Tax impact on oil & gas property write-downs

$       126

$               -

$         126

$              -

Tax impact on acquisition, divestiture & separation costs

5

-

10

-

Tax impact on rig stacking costs

5

-

5

-

Deferred tax adjustments

-

(17)

5

(28)

Tax impact on commodity derivative mark-to-market

18

(86)

(9)

(69)

Foreign currency fluctuation impact on deferred tax expense

(13)

66

(20)

70

Adjusted total income tax provision

$       507

$         574

$      1,061

$      1,186

Adjusted Effective Tax Rate (Non-GAAP)

40.3%

40.8%

40.4%

41.8%

 

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In millions, except per share data)

Reconciliation of net cash provided by operating activities to cash from continuing operations before changes in operating assets and liabilities:

Cash from operations before changes in operating assets and liabilities is a non-GAAP financial measure. Apache uses it internally and provides the information because management believes it is useful for investors and widely accepted by those following the oil and gas industry as a financial indicator of a company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and is frequently included in published research when providing investment recommendations. Cash from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

The following table reconciles net cash provided by operating activities to cash from operations before changes in operating assets and liabilities.

For the Quarter Ended June 30,

For the Six Months Ended June 30,

2014

2013

2014

2013

Net cash provided by operating activities (GAAP)

$           2,339

$           2,759

$           4,632

$           5,380

Less: Discontinued operations

-

(40)

(82)

(104)

Net cash provided by operating activities excluding discontinued operations

$           2,339

$           2,719

$           4,550

$           5,276

Changes in operating assets and liabilities

(111)

(164)

(100)

(426)

Cash from continuing operations before changes in

operating assets and liabilities

$           2,228

$           2,555

$           4,450

$           4,850

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SOURCE Apache Corporation



RELATED LINKS

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