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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q 
(Mark One)  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number: 1-4300
APACHE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
41-0747868
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Post Oak Central, 2000 Post Oak Boulevard, Suite 100, Houston, Texas 77056-4400
(Address of principal executive offices) (Zip Code)
(713) 296-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.625 par value
 
APA
 
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
Number of shares of registrant’s common stock outstanding as of July 29, 2020
377,458,656







Forward-Looking Statements and Risk
This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included or incorporated by reference in this report, including, without limitation, statements regarding the Company’s future financial position, business strategy, budgets, projected revenues, projected costs, and plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements are based on the Company’s examination of historical operating trends, the information that was used to prepare its estimate of proved reserves as of December 31, 2019, and other data in the Company’s possession or available from third parties. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “expect,” “intend,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “continue,” “seek,” “guidance,” “might,” “outlook,” “possibly,” “potential,” “should,” “would,” or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable under the circumstances, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, its assumptions about:
 
the scope, duration, and reoccurrence of any epidemics or pandemics (including specifically the coronavirus disease 2019 (COVID-19) pandemic) and the actions taken by third parties, including, but not limited to, governmental authorities, customers, contractors, and suppliers, in response to such epidemics or pandemics;

the market prices of oil, natural gas, natural gas liquids (NGLs), and other products or services;

the Company’s commodity hedging arrangements;

the supply and demand for oil, natural gas, NGLs, and other products or services;

production and reserve levels;

drilling risks;

economic and competitive conditions;

the availability of capital resources;

capital expenditures and other contractual obligations;

currency exchange rates;

weather conditions;

inflation rates;

the availability of goods and services;

legislative, regulatory, or policy changes, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring, or water disposal;

the Company’s performance on environmental, social, and governance measures;

terrorism or cyberattacks;

the occurrence of property acquisitions or divestitures;

the integration of acquisitions;

the Company’s ability to access the capital markets;

market-related risks such as general credit, liquidity, and interest-rate risks;

other factors disclosed under Items 1 and 2—Business and Properties—Estimated Proved Reserves and Future Net Cash Flows, Item 1A—Risk Factors, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 7A—Quantitative and Qualitative Disclosures About Market Risk and elsewhere in the Company’s most recently filed Annual Report on Form 10-K;

other risks and uncertainties disclosed in the Company’s second-quarter 2020 earnings release;

other factors disclosed under Part II, Item 1A—Risk Factors in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020;




other factors disclosed under Part II, Item 1A—Risk Factors of this Quarterly Report on Form 10-Q; and

other filings that the Company makes with the Securities and Exchange Commission.
Other factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements. Except as required by law, the Company assumes no duty to update or revise its forward-looking statements, whether based on changes in internal estimates or expectations, new information, future developments, or otherwise.




DEFINITIONS

All defined terms under Rule 4-10(a) of Regulation S-X shall have their statutorily prescribed meanings when used in this Quarterly Report on Form 10-Q. As used herein:

“3-D” means three-dimensional.
“4-D” means four-dimensional.
“b/d” means barrels of oil or natural gas liquids per day.
“bbl” or “bbls” means barrel or barrels of oil or natural gas liquids.
“bcf” means billion cubic feet of natural gas.
“bcf/d” means one bcf per day.
“boe” means barrel of oil equivalent, determined by using the ratio of one barrel of oil or NGLs to six Mcf of gas.
“boe/d” means boe per day.
“Btu” means a British thermal unit, a measure of heating value.
“Liquids” means oil and natural gas liquids.
“LNG” means liquefied natural gas.
“Mb/d” means Mbbls per day.
“Mbbls” means thousand barrels of oil or natural gas liquids.
“Mboe” means thousand boe.
“Mboe/d” means Mboe per day.
“Mcf” means thousand cubic feet of natural gas.
“Mcf/d” means Mcf per day.
“MMbbls” means million barrels of oil or natural gas liquids.
“MMboe” means million boe.
“MMBtu” means million Btu.
“MMBtu/d” means MMBtu per day.
“MMcf” means million cubic feet of natural gas.
“MMcf/d” means MMcf per day.
“NGL” or “NGLs” means natural gas liquids, which are expressed in barrels.
“NYMEX” means New York Mercantile Exchange.
“oil” includes crude oil and condensate.
“PUD” means proved undeveloped.
“SEC” means United States Securities and Exchange Commission.
“Tcf” means trillion cubic feet of natural gas.
“U.K.” means United Kingdom.
“U.S.” means United States.

References to “Apache,” the “Company,” “we,” “us,” and “our” include Apache Corporation and its consolidated subsidiaries unless otherwise specifically stated.

With respect to information relating to our working interest in wells or acreage, “net” oil and gas wells or acreage is determined by multiplying gross wells or acreage by our working interest therein. Unless otherwise specified, all references to wells and acres are gross.




PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
APACHE CORPORATION AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED OPERATIONS
(Unaudited)
 
 
For the Quarter Ended June 30,
 
For the Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions, except per common share data)
REVENUES AND OTHER:
 
 
 
 
 
 
 
 
Oil, natural gas, and natural gas liquids production revenues
 
$
697

 
$
1,598

 
$
1,933

 
$
3,252

Purchased oil and gas sales
 
55

 
18

 
163

 
42

Total revenues
 
752

 
1,616

 
2,096

 
3,294

Derivative instrument losses, net
 
(175
)
 
(8
)
 
(278
)
 
(38
)
Gain on divestitures, net
 

 
17

 
25

 
20

Other, net
 
19

 
(7
)
 
32

 
(1
)
 
 
596

 
1,618

 
1,875

 
3,275

OPERATING EXPENSES:
 
 
 
 
 
 
 
 
Lease operating expenses
 
264

 
389

 
599

 
754

Gathering, processing, and transmission
 
72

 
76

 
143

 
164

Purchased oil and gas costs
 
46

 
15

 
132

 
37

Taxes other than income
 
23

 
46

 
56

 
97

Exploration
 
72

 
95

 
129

 
164

General and administrative
 
94

 
102

 
162

 
225

Transaction, reorganization, and separation
 
10

 
6

 
37

 
10

Depreciation, depletion, and amortization
 
418

 
602

 
984

 
1,248

Asset retirement obligation accretion
 
27

 
26

 
54

 
53

Impairments
 
20

 
240

 
4,492

 
240

Financing costs, net
 
(34
)
 
173

 
69

 
270

 
 
1,012

 
1,770

 
6,857

 
3,262

NET INCOME (LOSS) BEFORE INCOME TAXES
 
(416
)
 
(152
)
 
(4,982
)
 
13

Current income tax provision (benefit)
 
(27
)
 
187

 
62

 
373

Deferred income tax benefit
 
(11
)
 
(23
)
 
(44
)
 
(42
)
NET LOSS INCLUDING NONCONTROLLING INTERESTS
 
(378
)
 
(316
)
 
(5,000
)
 
(318
)
Net income (loss) attributable to noncontrolling interest - Egypt
 
(11
)
 
43

 
(162
)
 
87

Net loss attributable to noncontrolling interest - Altus
 

 
(3
)
 
(9
)
 
(2
)
Net income attributable to Altus Preferred Unit limited partners
 
19

 
4

 
37

 
4

NET LOSS ATTRIBUTABLE TO COMMON STOCK
 
$
(386
)
 
$
(360
)
 
$
(4,866
)
 
$
(407
)
 
 
 
 
 
 
 
 
 
NET LOSS PER COMMON SHARE:
 
 
 
 
 
 
 
 
Basic
 
$
(1.02
)
 
$
(0.96
)
 
$
(12.88
)
 
$
(1.08
)
Diluted
 
$
(1.02
)
 
$
(0.96
)
 
$
(12.88
)
 
$
(1.08
)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
Basic
 
378

 
377

 
378

 
376

Diluted
 
378

 
377

 
378

 
376


The accompanying notes to consolidated financial statements
are an integral part of this statement.

1



APACHE CORPORATION AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 
 
For the Quarter Ended June 30,
 
For the Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions)
NET LOSS INCLUDING NONCONTROLLING INTERESTS
 
$
(378
)
 
$
(316
)
 
$
(5,000
)
 
$
(318
)
OTHER COMPREHENSIVE LOSS, NET OF TAX:
 
 
 
 
 
 
 
 
Share of equity method interests other comprehensive loss
 

 

 
(1
)
 

COMPREHENSIVE LOSS INCLUDING NONCONTROLLING INTERESTS
 
(378
)
 
(316
)
 
(5,001
)
 
(318
)
Comprehensive income (loss) attributable to noncontrolling interest - Egypt
 
(11
)
 
43

 
(162
)
 
87

Comprehensive loss attributable to noncontrolling interest - Altus
 

 
(3
)
 
(9
)
 
(2
)
Comprehensive income attributable to Altus Preferred Unit limited partners
 
19

 
4

 
37

 
4

COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK
 
$
(386
)
 
$
(360
)
 
$
(4,867
)
 
$
(407
)

The accompanying notes to consolidated financial statements
are an integral part of this statement.

2



APACHE CORPORATION AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
(Unaudited)
 
 
For the Six Months Ended June 30,
 
 
2020
 
2019
 
 
(In millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net loss including noncontrolling interests
 
$
(5,000
)
 
$
(318
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
Unrealized derivative instrument losses, net
 
241

 
66

Gain on divestitures
 
(25
)
 
(20
)
Exploratory dry hole expense and unproved leasehold impairments
 
97

 
90

Depreciation, depletion, and amortization
 
984

 
1,248

Asset retirement obligation accretion
 
54

 
53

Impairments
 
4,492

 
240

Deferred income tax benefit
 
(44
)
 
(42
)
Loss (gain) on extinguishment of debt
 
(140
)
 
75

Other
 
14

 
22

Changes in operating assets and liabilities:
 
 
 
 
Receivables
 
183

 
96

Inventories
 
25

 
(16
)
Drilling advances
 
(28
)
 
(8
)
Deferred charges and other
 
(14
)
 
(3
)
Accounts payable
 
(147
)
 
(66
)
Accrued expenses
 
(148
)
 
21

Deferred credits and noncurrent liabilities
 
42

 
16

NET CASH PROVIDED BY OPERATING ACTIVITIES
 
586

 
1,454

 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
Additions to oil and gas property
 
(838
)
 
(1,386
)
Additions to Altus gathering, processing, and transmission facilities
 
(25
)
 
(246
)
Leasehold and property acquisitions
 
(3
)
 
(34
)
Altus equity method interests
 
(154
)
 
(438
)
Proceeds from sale of oil and gas properties
 
126

 
247

Other, net
 
(23
)
 
25

NET CASH USED IN INVESTING ACTIVITIES
 
(917
)
 
(1,832
)
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
Proceeds from Apache credit facility, net
 
565

 

Proceeds from Altus credit facility, net
 
97

 

Fixed-rate debt borrowings
 

 
989

Payments on fixed-rate debt
 
(264
)
 
(1,000
)
Distributions to noncontrolling interest - Egypt
 
(40
)
 
(164
)
Redeemable noncontrolling interest - Altus Preferred Unit limited partners
 

 
611

Dividends paid
 
(104
)
 
(188
)
Other
 
(35
)
 
(35
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
 
219

 
213

 
 
 
 
 
NET DECREASE IN CASH AND CASH EQUIVALENTS
 
(112
)
 
(165
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
 
247

 
714

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
135

 
$
549

 
 
 
 
 
SUPPLEMENTARY CASH FLOW DATA:
 
 
 
 
Interest paid, net of capitalized interest
 
$
212

 
$
219

Income taxes paid, net of refunds
 
80

 
285


The accompanying notes to consolidated financial statements
are an integral part of this statement.

3



APACHE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
In millions except share and per-share amounts
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
 
CURRENT ASSETS:
 
 
 
 
Cash and cash equivalents ($2 and $6 related to Altus VIE)
 
$
135

 
$
247

Receivables, net of allowance of $91 and $88
 
871

 
1,062

Other current assets (Note 5) ($5 and $5 related to Altus VIE)
 
652

 
652

 
 
1,658

 
1,961

PROPERTY AND EQUIPMENT:
 
 
 
 
Oil and gas, on the basis of successful efforts accounting:
 
 
 
 
Proved properties
 
41,003

 
40,540

Unproved properties and properties under development
 
615

 
666

Gathering, processing, and transmission facilities ($211 and $203 related to Altus VIE)
 
676

 
799

Other ($3 and $4 related to Altus VIE)
 
1,140

 
1,140

 
 
43,434

 
43,145

Less: Accumulated depreciation, depletion, and amortization ($7 and $1 related to Altus VIE)
 
(34,090
)
 
(28,987
)
 
 
9,344

 
14,158

OTHER ASSETS:
 
 
 
 
Equity method interests (Note 6) ($1,408 and $1,258 related to Altus VIE)
 
1,408

 
1,258

Deferred charges and other ($4 and $4 related to Altus VIE)
 
589

 
730

 
 
$
12,999

 
$
18,107

LIABILITIES, NONCONTROLLING INTEREST, AND EQUITY
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
Accounts payable
 
$
459

 
$
695

Current debt (nil and $10 related to Altus VIE)
 
294

 
11

Other current liabilities (Note 7) ($11 and $21 related to Altus VIE)
 
957

 
1,149

 
 
1,710

 
1,855

LONG-TERM DEBT (Note 10) ($493 and $396 related to Altus VIE)
 
8,523

 
8,555

DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
 
 
 
 
Income taxes
 
299

 
346

Asset retirement obligation (Note 8) ($62 and $60 related to Altus VIE)
 
1,836

 
1,811

Other ($181 and $107 related to Altus VIE)
 
675

 
520

 
 
2,810

 
2,677

COMMITMENTS AND CONTINGENCIES (Note 11)
 

 

REDEEMABLE NONCONTROLLING INTEREST - ALTUS PREFERRED UNIT LIMITED PARTNERS (Note 12)
 
592

 
555

EQUITY:
 
 
 
 
Common stock, $0.625 par, 860,000,000 shares authorized, 418,407,164 and 417,026,863 shares issued, respectively
 
262

 
261

Paid-in capital
 
11,744

 
11,769

Accumulated deficit
 
(10,467
)
 
(5,601
)
Treasury stock, at cost, 40,948,811 and 40,964,193 shares, respectively
 
(3,189
)
 
(3,190
)
Accumulated other comprehensive income
 
15

 
16

APACHE SHAREHOLDERS’ EQUITY (DEFICIT)
 
(1,635
)
 
3,255

Noncontrolling interest - Egypt
 
935

 
1,137

Noncontrolling interest - Altus
 
64

 
73

TOTAL EQUITY (DEFICIT)
 
(636
)
 
4,465

 
 
$
12,999

 
$
18,107


The accompanying notes to consolidated financial statements are an integral part of this statement.

4



APACHE CORPORATION AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTEREST
(Unaudited)
 
 
Redeemable Noncontrolling Interest — Altus Preferred Unit Limited Partners
 
 
Common
Stock
 
Paid-In
Capital
 
Accumulated Deficit
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
APACHE
SHAREHOLDERS’
EQUITY (DEFICIT)
 
Noncontrolling
Interests
 
TOTAL
EQUITY (DEFICIT)
 
 
 
 
 
(In millions)
For the Quarter Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE AT MARCH 31, 2019
 
$

 
 
$
261

 
$
12,009

 
$
(2,095
)
 
$
(3,190
)
 
$
4

 
$
6,989

 
$
1,620

 
$
8,609

Net loss attributable to common stock
 

 
 

 

 
(360
)
 

 

 
(360
)
 

 
(360
)
Net income attributable to noncontrolling interest - Egypt
 

 
 

 

 

 

 

 

 
43

 
43

Net loss attributable to noncontrolling interest - Altus
 

 
 

 

 

 

 

 

 
(3
)
 
(3
)
Issuance of Altus Preferred Units
 
517

 
 

 

 

 

 

 

 

 

Net income attributable to Altus Preferred Unit holders
 
4

 
 

 

 

 

 

 

 

 

Distributions to noncontrolling interest - Egypt
 

 
 

 

 

 

 

 

 
(57
)
 
(57
)
Common dividends ($0.25 per share)
 

 
 

 
(94
)
 

 

 

 
(94
)
 

 
(94
)
Other
 

 
 

 
16

 

 

 

 
16

 

 
16

BALANCE AT JUNE 30, 2019
 
$
521

 
 
$
261

 
$
11,931

 
$
(2,455
)
 
$
(3,190
)
 
$
4

 
$
6,551

 
$
1,603

 
$
8,154

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Quarter Ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE AT MARCH 31, 2020
 
$
573

 
 
$
262

 
$
11,747

 
$
(10,081
)
 
$
(3,189
)
 
$
15

 
$
(1,246
)
 
$
1,018

 
$
(228
)
Net loss attributable to common stock
 

 
 

 

 
(386
)
 

 

 
(386
)
 

 
(386
)
Net loss attributable to noncontrolling interest - Egypt
 

 
 

 

 

 

 

 

 
(11
)
 
(11
)
Net income attributable to Altus Preferred Unit limited partners
 
19

 
 

 

 

 

 

 

 

 

Distributions to noncontrolling interest - Egypt
 

 
 

 

 

 

 

 

 
(8
)
 
(8
)
Common dividends ($0.025 per share)
 

 
 

 
(9
)
 

 

 

 
(9
)
 

 
(9
)
Other
 

 
 

 
6

 

 

 

 
6

 

 
6

BALANCE AT JUNE 30, 2020
 
$
592

 
 
$
262

 
$
11,744

 
$
(10,467
)
 
$
(3,189
)
 
$
15

 
$
(1,635
)
 
$
999

 
$
(636
)
The accompanying notes to consolidated financial statements
are an integral part of this statement.

5



APACHE CORPORATION AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTEREST – (Continued)
(Unaudited)
 
 
Redeemable Noncontrolling Interest — Altus Preferred Unit Limited Partners
 
 
Common
Stock
 
Paid-In
Capital
 
Accumulated Deficit
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
APACHE
SHAREHOLDERS’
EQUITY (DEFICIT)
 
Noncontrolling
Interests
 
TOTAL
EQUITY (DEFICIT)
 
 
 
 
 
(In millions)
For the Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE AT DECEMBER 31, 2018
 
$