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

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

Logo - http://photos.prnewswire.com/prnh/20140116/DA47435LOGO

APA-F

SOURCE Apache Corporation



RELATED LINKS
http://www.apachecorp.com

More by this Source

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.