FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2012

 

 

APACHE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-4300   41-0747868

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

2000 Post Oak Boulevard

Suite 100

Houston, Texas 77056-4400

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (713) 296-6000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

 

Item 2.02. Results of Operations and Financial Condition.

On August 2, 2012, Apache Corporation issued a press release announcing financial and operating results for the fiscal quarter ended June 30, 2012. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

  

Description

99.1    Press Release of Apache Corporation dated August 2, 2012.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    APACHE CORPORATION
Date: August 2, 2012       /s/ Thomas P. Chambers
     

Thomas P. Chambers

(Principal Financial Officer)

 

 


INDEX TO EXHIBITS

 

Exhibit No.

  

Description

99.1    Press Release of Apache Corporation dated August 2, 2012.
PRESS RELEASE OF APACHE CORPORATION

Exhibit 99.1

CONTACTS:

Media:    Bill Mintz    (713) 296-7276
   John Roper    (281) 302-2646
Investors:    Patrick Cassidy    (713) 296-6100
   Castlen Kennedy    (713) 296-7189
Website:    www.apachecorp.com   

APACHE’S ACCELERATED DRILLING PROGRAM FUELS RECORD SECOND-QUARTER PRODUCTION

Houston, Aug. 2, 2012 – Apache Corporation (NYSE, Nasdaq: APA) said today that accelerating worldwide drilling activity fueled record second-quarter 2012 production of 774,000 barrels of oil equivalent (boe) per day.

Apache’s second-quarter earnings totaled $337 million, or 86 cents per diluted share, reflecting the impact of a $480 million non-cash, after-tax reduction in the carrying value of its oil and gas properties in Canada stemming from lower North American natural gas prices. For the same period last year, Apache reported earnings of $1.24 billion, or $3.17 per diluted share.

Apache’s adjusted earnings*, which exclude certain items that impact the comparability of operating results, totaled $821 million or $2.07 per diluted common share in the second quarter, as the impact of higher production was offset in part by lower oil and gas prices. In the prior-year period, Apache reported adjusted earnings of $1.26 billion or $3.22 per share. Cash from operations before changes in operating assets and liabilities* totaled $2.38 billion in the second quarter, down from $2.64 billion in the prior-year period.

“As we announced at our Investor Day presentation in June, Apache has assembled an inventory of 67,000 drillable locations in liquids-rich onshore U.S. plays, and now is the time to drill wells,” said G. Steven Farris, chairman and chief executive officer. “Rigs are running – 36 in the Permian Basin, up from 26 at the end of 2011, and 24 in the Anadarko Basin, up from seven at year-end. The impact of our accelerated drilling program is beginning to take hold.”


In the Permian Basin, production was up quarter-over-quarter by 5 percent, putting Apache on track to deliver its long-term Permian production growth target of 13 percent per year. In the Anadarko Basin, production increased 47 percent sequentially, including volumes from the Cordillera Energy Partners III acquisition that closed April 30. Apache’s Anadarko Basin production is on target to achieve the goal of growing by 24 percent per year through 2016.

“Apache is gaining momentum, and we project rising production throughout the second half,” Farris said.

Apache anticipates achieving its long-term global growth forecast of 6 to 9 percent in 2012 from 2011, net of 11,000 boe per day from assets in Canada and East Texas sold in the second half of 2011. Second-quarter 2012 volumes were hampered by unanticipated downtime totaling approximately 16,000 boe per day.

Although North Sea production was flat from the first quarter to the second, positive drilling results in the Bacchus and Beryl fields are projected to increase production there in the second half of 2012.

In Australia, a new development well drilled in the Pyrenees Field offshore Western Australia commenced production on July 14; the well currently is producing 11,000 barrels of oil per day (3,135 barrels per day net to Apache).

Consistent with Apache’s active drilling program, the company was the apparent high bidder on 90 blocks in the Bureau of Ocean Energy and Management’s recent lease sale in the Gulf of Mexico. Apache is currently operating six rigs in the Gulf.

Commodity markets continued to be marked by volatility during the second quarter. Worldwide, Apache received an average of $97.66 per barrel of oil, down from $106.31 per barrel in the prior-year period. Apache benefitted from higher prices realized on Dated Brent crude produced in the company’s Australia, North Sea and Egypt regions, and on sweet crude from the Gulf of Mexico regions. Apache received these premium prices on approximately 73 percent of crude oil production.


While North American natural gas price realizations fell 35 percent from the prior-year period to $3.17 per thousand cubic feet (Mcf), Apache’s international regions saw prices rise 8 percent to $4.08 per Mcf. International gas production rose 100 million cubic feet per day from the prior-year period and represented 37 percent of Apache’s total gas volumes.

*Adjusted earnings and cash from operations before changes in operating assets and liabilities are non-GAAP measures. Please see reconciliations below. For supplemental and non-GAAP information, please go to http://www.apachecorp.com/financialinfo.

Apache to webcast conference call

Apache Corporation will conduct its second-quarter 2012 results at 1 p.m. Central time on Thursday, August 2. 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. on August 2. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 42313772.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.


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 future production growth. 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 2011 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

(In millions, except per share data)

 

                                                   
     For the Quarter
Ended June 30,
    For the Six Months
Ended June 30,
 
     2012     2011     2012      2011  

REVENUES AND OTHER:

         

Oil and gas production revenues

   $ 3,956      $ 4,355      $ 8,413       $ 8,233   

Other

     16        (17     95         30   
  

 

 

   

 

 

   

 

 

    

 

 

 
     3,972        4,338        8,508         8,263   
  

 

 

   

 

 

   

 

 

    

 

 

 

COSTS AND EXPENSES:

         

Depreciation, depletion and amortization

         

Recurring

     1,284        1,003        2,503         1,939   

Additional

     648        26        1,169         26   

Asset retirement obligation accretion

     57        38        112         75   

Lease operating expenses

     704        662        1,377         1,285   

Gathering and transportation

     72        73        149         149   

Taxes other than income

     203        255        460         419   

General and administrative

     132        103        260         215   

Merger, acquisitions & transition

     16        6        22         11   

Financing costs, net

     45        41        85         86   
  

 

 

   

 

 

   

 

 

    

 

 

 
     3,161        2,207        6,137         4,205   
  

 

 

   

 

 

   

 

 

    

 

 

 

INCOME BEFORE INCOME TAXES

     811        2,131        2,371         4,058   

Current income tax provision

     460        576        1,185         1,219   

Deferred income tax provision

     (5     296        33         446   
  

 

 

   

 

 

   

 

 

    

 

 

 

NET INCOME

     356        1,259        1,153         2,393   

Preferred stock dividends

     19        19        38         38   
  

 

 

   

 

 

   

 

 

    

 

 

 

INCOME ATTRIBUTABLE TO COMMON STOCK

   $ 337      $ 1,240      $ 1,115       $ 2,355   
  

 

 

   

 

 

   

 

 

    

 

 

 

NET INCOME PER COMMON SHARE:

         

Basic

   $ 0.87      $ 3.23      $ 2.88       $ 6.14   

Diluted

   $ 0.86      $ 3.17      $ 2.86       $ 6.03   

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

         

Basic

     389        384        387         383   

Diluted

     390        397        403         397   

DIVIDENDS DECLARED PER COMMON SHARE

   $ 0.17      $ 0.15      $ 0.34       $ 0.30   


APACHE CORPORATION

SUMMARY OF CAPITAL COSTS INCURRED

(In millions)

 

                                                   
     For the Quarter
Ended June 30,
     For the Six Months
Ended June 30,
 
     2012      2011      2012      2011  

CAPITAL EXPENDITURES (1):

           

Exploration & Development Costs

           

United States

   $ 1,392       $ 673       $ 2,186       $ 1,288   

Canada

     97         168         295         434   
  

 

 

    

 

 

    

 

 

    

 

 

 

North America

     1,489         841         2,481         1,722   
  

 

 

    

 

 

    

 

 

    

 

 

 

Egypt

     260         284         510         477   

Australia

     175         156         253         318   

North Sea

     224         211         420         421   

Argentina

     73         89         157         158   

Other International

     12         27         33         27   
  

 

 

    

 

 

    

 

 

    

 

 

 

International

     744         767         1,373         1,401   
  

 

 

    

 

 

    

 

 

    

 

 

 

Worldwide Exploration & Development Costs

   $ 2,233       $ 1,608       $ 3,854       $ 3,123   
  

 

 

    

 

 

    

 

 

    

 

 

 

Gathering, Transmission and Processing Facilities

           

United States

   $ 32       $ —         $ 44       $ —     

Canada

     42         42         86         84   

Egypt

     20         25         37         54   

Australia

     77         68         249         119   

Argentina

     5         4         9         4   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Gathering, Transmission and Processing

   $ 176       $ 139       $ 425       $ 261   
  

 

 

    

 

 

    

 

 

    

 

 

 

Capitalized Interest

   $ 85       $ 63       $ 151       $ 123   
  

 

 

    

 

 

    

 

 

    

 

 

 

Capital Expenditures, excluding Acquisitions

   $ 2,494       $ 1,810       $ 4,430       $ 3,507   
  

 

 

    

 

 

    

 

 

    

 

 

 

Acquisitions

   $ 3,302       $ 84       $ 3,362       $ 95   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Accrual basis

APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(In millions)

 

                         
     June 30,
2012
     December 31,
2011
 

Cash and Cash Equivalents

   $ 361       $ 295   

Other Current Assets

     4,278         4,508   

Property and Equipment, net

     50,135         45,448   

Goodwill

     1,114         1,114   

Other Assets

     1,329         686   
  

 

 

    

 

 

 

Total Assets

   $ 57,217       $ 52,051   
  

 

 

    

 

 

 

Short-Term Debt

   $ 568       $ 431   

Other Current Liabilities

     4,553         4,532   

Long-Term Debt

     9,670         6,785   

Deferred Credits and Other Noncurrent Liabilities

     11,753         11,310   

Shareholders’ Equity

     30,673         28,993   
  

 

 

    

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 57,217       $ 52,051   
  

 

 

    

 

 

 

Common shares outstanding at end of period

     391         384   


APACHE CORPORATION

PRODUCTION INFORMATION

 

     For the Quarter
Ended June 30,
    For the Six Months
Ended June 30,
 
     2012      2011     2012      2011  

OIL VOLUME—Barrels per day

          

Central

     11,985         6,761        9,234         5,833   

Permian

     58,391         49,823        57,436         49,055   

GOM Deepwater

     6,237         6,090        6,019         5,708   

GOM Shelf

     41,773         44,792        44,253         45,670   

GC Onshore

     9,292         9,791        9,861         9,233   
  

 

 

    

 

 

   

 

 

    

 

 

 

United States

     127,678         117,257        126,803         115,499   

Canada

     15,277         14,408        15,429         14,555   
  

 

 

    

 

 

   

 

 

    

 

 

 

North America

     142,955         131,665        142,232         130,054   
  

 

 

    

 

 

   

 

 

    

 

 

 

Egypt

     98,922         99,634        99,206         104,230   

Australia

     30,497         40,573        30,447         37,663   

North Sea

     65,996         57,364        65,971         52,195   

Argentina

     9,583         9,656        9,608         9,636   
  

 

 

    

 

 

   

 

 

    

 

 

 

International

     204,998         207,227        205,232         203,724   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     347,953         338,892        347,464         333,778   
  

 

 

    

 

 

   

 

 

    

 

 

 

NATURAL GAS VOLUME—Mcf per day

          

Central

     235,308         189,120        200,585         180,850   

Permian

     178,068         173,609        179,161         166,348   

GOM Deepwater

     47,782         56,673        47,389         58,620   

GOM Shelf

     301,511         349,697        316,826         349,273   

GC Onshore

     81,744         111,184        86,992         114,185   
  

 

 

    

 

 

   

 

 

    

 

 

 

United States

     844,413         880,283        830,953         869,276   

Canada

     612,064         636,718        624,145         639,707   
  

 

 

    

 

 

   

 

 

    

 

 

 

North America

     1,456,477         1,517,001        1,455,098         1,508,983   
  

 

 

    

 

 

   

 

 

    

 

 

 

Egypt

     358,985         358,870        367,526         365,157   

Australia

     211,524         179,582        217,930         181,243   

North Sea

     64,722         2,367        65,894         2,135   

Argentina

     224,289         215,203        217,741         201,722   
  

 

 

    

 

 

   

 

 

    

 

 

 

International

     859,520         756,022        869,091         750,257   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     2,315,997         2,273,023        2,324,189         2,259,240   
  

 

 

    

 

 

   

 

 

    

 

 

 

NGL VOLUME—Barrels per day

          

Central

     3,962         687        3,738         726   

Permian

     16,405         12,824        14,527         11,092   

GOM Deepwater

     1,474         430        865         777   

GOM Shelf

     5,762         5,731        4,678         6,067   

GC Onshore

     2,062         2,131        2,183         1,872   
  

 

 

    

 

 

   

 

 

    

 

 

 

United States

     29,665         21,803        25,991         20,534   

Canada

     5,844         5,998        6,078         6,270   
  

 

 

    

 

 

   

 

 

    

 

 

 

North America

     35,509         27,801        32,069         26,804   
  

 

 

    

 

 

   

 

 

    

 

 

 

Egypt

     —           (24     —           101   

North Sea

     1,957         —          1,962         —     

Argentina

     3,067         3,014        3,030         3,035   
  

 

 

    

 

 

   

 

 

    

 

 

 

International

     5,024         2,990        4,992         3,136   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     40,533         30,791        37,061         29,940   
  

 

 

    

 

 

   

 

 

    

 

 

 

BOE per day

          

Central

     55,165         38,969        46,403         36,701   

Permian

     104,475         91,582        101,824         87,872   

GOM Deepwater

     15,675         15,965        14,782         16,255   

GOM Shelf

     97,787         108,806        101,735         109,949   

GC Onshore

     24,978         30,451        26,543         30,136   
  

 

 

    

 

 

   

 

 

    

 

 

 

United States

     298,080         285,773        291,287         280,913   

Canada

     123,131         126,526        125,531         127,443   
  

 

 

    

 

 

   

 

 

    

 

 

 

North America

     421,211         412,299        416,818         408,356   
  

 

 

    

 

 

   

 

 

    

 

 

 

Egypt

     158,752         159,422        160,460         165,190   

Australia

     65,751         70,503        66,769         67,870   

North Sea

     78,741         57,758        78,915         52,551   

Argentina

     50,031         48,537        48,928         46,291   
  

 

 

    

 

 

   

 

 

    

 

 

 

International

     353,275         336,220        355,072         331,902   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     774,486         748,519        771,890         740,258   
  

 

 

    

 

 

   

 

 

    

 

 

 


APACHE CORPORATION

PRICE INFORMATION

 

     For the Quarter
Ended June 30,
     For the Six Months
Ended June 30,
 
     2012      2011      2012      2011  

AVERAGE OIL PRICE PER BARREL

           

Central

   $ 88.14       $ 96.79       $ 91.88       $ 93.72   

Permian

     86.71         98.28         92.44         93.60   

GOM Deepwater

     105.82         110.91         108.23         104.74   

GOM Shelf

     109.20         114.29         111.76         106.46   

GC Onshore

     108.41         109.60         111.05         103.97   

United States (1)

     94.37         98.41         98.20         94.15   

Canada

     82.35         102.42         87.46         94.78   

North America (1)

     93.08         98.85         97.03         94.22   

Egypt (1)

     98.73         115.26         111.18         111.05   

Australia (1)

     109.46         115.18         116.20         110.92   

North Sea (1)

     104.16         108.44         108.67         105.06   

Argentina

     72.69         65.58         77.88         62.99   

International (1)

     100.86         111.04         109.56         107.22   

Total (1)

     97.66         106.31         104.43         102.15   

AVERAGE NATURAL GAS PRICE PER MCF

           

Central

   $ 2.73       $ 4.81       $ 2.89       $ 4.70   

Permian

     2.79         5.25         3.26         5.13   

GOM Deepwater

     2.34         4.53         2.65         4.31   

GOM Shelf

     2.47         4.65         2.84         4.59   

GC Onshore

     2.31         4.55         2.57         4.40   

United States (1)

     3.33         5.05         3.63         4.99   

Canada (1)

     2.94         4.71         3.18         4.63   

North America (1)

     3.17         4.91         3.44         4.84   

Egypt

     3.75         4.79         3.77         4.61   

Australia

     4.41         2.74         4.29         2.62   

North Sea

     9.42         26.41         8.68         23.72   

Argentina

     2.76         2.74         2.87         2.48   

International

     4.08         3.79         4.05         3.61   

Total (1)

     3.51         4.54         3.67         4.43   

AVERAGE NGL PRICE PER BARREL

           

Central

   $ 26.45       $ 61.55       $ 31.63       $ 54.67   

Permian

     34.36         52.09         38.90         49.34   

GOM Deepwater

     35.73         65.10         36.14         45.31   

GOM Shelf

     31.02         50.31         35.59         46.16   

GC Onshore

     38.29         59.59         42.97         57.93   

United States

     32.99         52.91         37.51         49.22   

Canada

     32.07         46.63         37.03         43.25   

North America

     32.84         51.56         37.42         47.82   

Egypt

     —           43.53         —           65.73   

North Sea

     69.23         —           76.69         —     

Argentina

     21.09         27.64         23.61         29.08   

International

     39.84         27.51         44.47         30.26   

Total

     33.71         49.22         38.37         45.98   

 

(1)

Prices reflect the impact of financial derivative hedging activities.


APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

Reconciliation of income attributable to common stock to adjusted earnings:

The press release discusses Apache’s adjusted earnings. Adjusted earnings exclude certain items that management believes affect the comparability of operating results and are meaningful for the following reasons:

 

   

Management uses adjusted earnings to evaluate the company’s operational trends and performance relative to other oil and gas producing 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.

 

   

The reconciling items below are the types of items management believes are frequently excluded by analysts when evaluating the operating trends and comparability of the company’s results.

 

                                                   
     For the Quarter
Ended June 30,
     For the Six Months
Ended June 30,
 
     2012     2011      2012      2011  

Income Attributable to Common Stock (GAAP)

   $ 337      $ 1,240       $ 1,115       $ 2,355   

Adjustments:

          

Canada proved property write-down, net of tax

     480        —           870         —     

Merger, acquisitions & transition, net of tax

     10        3         13         7   

Unrealized foreign currency fluctuation impact on deferred tax expense

     (6     19         1         31   
  

 

 

   

 

 

    

 

 

    

 

 

 

Adjusted Earnings (Non-GAAP)

   $ 821      $ 1,262       $ 1,999       $ 2,393   
  

 

 

   

 

 

    

 

 

    

 

 

 

Net Income per Common Share—Diluted (GAAP)

   $ 0.86      $ 3.17       $ 2.86       $ 6.03   

Adjustments:

          

Canada proved property write-down, net of tax

     1.19        —           2.16         —     

Merger, acquisitions & transition, net of tax

     0.03        0.01         0.03         0.02   

Unrealized foreign currency fluctuation impact on deferred tax expense

     (0.01     0.04         0.01         0.07   
  

 

 

   

 

 

    

 

 

    

 

 

 

Adjusted Earnings Per Share—Diluted (Non-GAAP)

   $ 2.07      $ 3.22       $ 5.06       $ 6.12   
  

 

 

   

 

 

    

 

 

    

 

 

 

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

The press release discusses Apache’s cash from operations before changes in operating assets and liabilities. It is presented because management believes the information is useful for investors because it is used internally 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,
 
     2012     2011     2012      2011  

Net cash provided by operating activities

   $ 2,792      $ 2,745      $ 4,799       $ 4,724   

Changes in operating assets and liabilities

     (414     (106     227         158   
  

 

 

   

 

 

   

 

 

    

 

 

 

Cash from operations before changes in operating assets and liabilities

   $ 2,378      $ 2,639      $ 5,026       $ 4,882