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8-K - 8-K - APACHE CORP | d53712d8k.htm |
Exhibit 99.1
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NEWS RELEASE
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APACHE CORPORATION ANNOUNCES THIRD-QUARTER FINANCIAL AND OPERATIONAL RESULTS
| Reported global production of 542,000 barrels of oil equivalent (boe) per day. |
| Delivered onshore North American production of 306,000 boe per day and raised 2015 guidance to 307,000 to 309,000 boe per day, a more than 2 percent pro forma increase over 2014. |
| Achieved international and offshore production growth of 5 percent sequentially, averaging 180,000 boe per day (adjusted for divestitures, Egypt tax barrels and noncontrolling interest), and raised 2015 guidance to 172,000 to 174,000 boe per day, a 10 to 12 percent pro forma increase over 2014. |
| Realized significant exploration success in the U.K. North Sea with discoveries representing estimated net reserves of 50 million to more than 70 million boe. |
HOUSTON, Nov. 5, 2015 Apache Corporation (NYSE, Nasdaq: APA) today announced a third-quarter 2015 net loss of $5.7 billion, or $14.95 per diluted common share, which includes an after-tax ceiling test write down of $3.7 billion resulting from current low commodity price levels and a $1.5 billion charge related to an increase in the valuation allowance on deferred tax assets. When adjusted for these and certain additional items that impact the comparability of results, Apaches third-quarter net loss totaled $21 million, or $0.05 per share. Net cash provided by continuing operating activities was approximately $835 million and adjusted EBITDA from continuing operations was $830 million.
Apache continues to demonstrate resiliency in todays low commodity price environment, said John J. Christmann, IV, Apaches chief executive officer and president. Our third-quarter production volumes once again exceeded expectations and continue to do so on a significantly lower capital program. This is a testament to the quality of our assets and the efforts of our teams in every region. We have made significant improvements in our capital investment process, and we are relentlessly focused on improving capital efficiency. We are also seeing great progress on our costs, as both operating and G&A are down considerably since the end of last year.
APACHE CORPORATION ANNOUNCES THIRD-QUARTER FINANCIAL AND OPERATIONAL RESULTS
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Debt and liquidity
After paying down $900 million of long-term debt in the third quarter, the company reported debt of $8.8 billion as of Sept. 30, 2015. Apache has no maturities before 2018 and only $700 million of debt maturing before 2021. The company has access to available liquidity of more than $5 billion, including cash on hand and available borrowing capacity under its committed credit facility of $3.5 billion. The credit facility matures in June 2020 and supports a commercial paper program of the same size. Since the end of the third quarter, Apache has signed agreements to sell certain non-upstream assets for cash proceeds of approximately $500 million, further strengthening the companys cash position and financial flexibility.
Capital expenditures and capital guidance update
Apaches financial strength and liquidity are sustained through disciplined capital budgeting. The 2015 capital program has been significantly reduced from 2014 levels. Capital expenditures in the third quarter (excluding leasehold acquisitions, capitalized interest, Egypt noncontrolling interest, and spending on divested LNG and associated assets) were $762 million, down 16 percent from the second quarter. For the first nine months of the year, they totaled $2.9 billion, and the company remains on track to spend within its guidance range.
Third-quarter operational highlights
Apache operated an average of 28 rigs worldwide and drilled 111 gross operated wells, 92 of which were North American onshore. Highlights across Apaches operating regions include:
| Permian Apache operated 10 rigs in the Permian and completed 65 gross operated wells during the third quarter, up from 53 well completions in the second quarter. Production averaged 170,000 boe per day, only 1 percent lower than the second quarter despite significant planned and unplanned facilities downtime. |
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| Delaware Basin Apache averaged four rigs and targeted the Bone Spring and Wolfcamp formations in the Pecos Bend and Waha areas. The company completed 22 wells using only one frac crew, and completed well costs continue to decline significantly, now averaging below $5-million. |
| Midland Basin Apache averaged three rigs during the quarter, all targeting its southern Midland focus areas in Midland, Upton, Reagan and Glasscock counties. The company completed 25 wells during the quarter and directed its drilling activity primarily to Wolfcamp and Spraberry targets in the Wildfire area of Midland County and in the Powell Miller area of northern Reagan County. Completion costs in the Barnhart area, where 17 wells remain to be completed, have dropped 44 percent to approximately $2.7 million due to a combination of price decreases and significant design changes. |
| Central Basin Platform/NW Shelf Apache averaged three rigs during the quarter, two of which were targeting the Yeso formation in its Cedar Lake play in Eddy County, where completed well costs have decreased nearly 50 percent since late 2014. Two notable wells, the Hummingbird #1H and #2H, were drilled and placed on production at average 30-day rates of 816 boe per day and 722 boe per day, respectively. With average completed well costs of only $2.6 million, these wells are expected to deliver very strong rates of return. |
| Mid-continent (formerly Central) During the quarter, Apache continued to operate two rigs in the Mid-continent, where it primarily targeted the Woodford/SCOOP and Marmaton plays. The company brought online two notable wells, one each in the Marmaton and Woodford plays. The Apache 21-11-21 targeting the Marmaton produced at an average 30-day rate of 1,686 boe per day, and the Truman 28-6-6 #1H targeting the Woodford produced an average 30-day rate of 1,949 boe per day. |
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| Gulf Coast (Eagle Ford) Apache primarily focused on optimizing well completions in Area A of its Eagle Ford position. Eight wells were completed and placed on production during the quarter, with average 30-day rates that are in line with the companys published type curve. Late in the third quarter, after successfully improving the production rates and cost efficiencies in Area A, Apache resumed drilling with one rig. |
| Canada The company is primarily focused on advancing its programs in the liquids-rich Duvernay and Montney plays. In the Duvernay, Apache placed its first well pad online in October and achieved strong test results from seven wells that averaged 2,188 boe per day per well. During the upcoming drilling season, Apache is planning to run up to two rigs in the Duvernay and one in the Montney. |
| Egypt Gross production was up 4 percent sequentially on strong drilling results in the Ptah and Berenice oil fields. During the quarter, these fields generated peak production of more than 26,000 boe per day. This performance, coupled with other recent successful exploration and development wells, have enabled the company to exceed its prior peak gross production rate from early 2012. As a result, Apache became the largest oil and natural gas producer in Egypt on a gross operated basis during the third quarter. |
| North Sea Production increased 6 percent, or more than 4,200 boe compared to the second quarter of 2015. The increase was driven by strong contribution from new wells and record third-quarter production efficiency, or uptime, of 92 percent. Apache recently announced two exploratory discoveries in the Beryl Area, along with a large exploratory discovery at its Seagull prospect, which lies 50 miles south of the Forties field. These discoveries, coupled with other recent drilling successes, are estimated to ultimately increase net reserves by 50 million to more than 70 million barrels of oil equivalent, or almost half the proved reserves booked in the region as of 2014 year-end. |
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2015 outlook and guidance update
Despite a significantly reduced capital program, production volumes have shown tremendous resiliency; as a result, Apache is again raising 2015 production-guidance ranges. The company is increasing its full-year 2015 North American onshore production guidance to a range of 307,000 to 309,000 boe per day, which is up from prior guidance of 305,000 to 308,000 boe per day. On a pro forma basis, this represents more than 2 percent year-over-year growth. Internationally, Apache delivered strong third-quarter production growth through record production efficiency in the North Sea, sustained solid base performance and better-than-expected contributions from new wells. These results enable the company to raise its full-year 2015 international and offshore pro forma production guidance to 172,000 to 174,000 boe per day, up from a previous range of 164,000 to 168,000 boe per day. This represents substantial year-over-year growth of 10 to 12 percent.
2015 has been a year of tremendous change and progress for Apache, Christmann remarked. In addition to significantly improving our operational efficiencies, we have established a portfolio of leading positions in areas where we have best-in-class operating capabilities and a financial foundation that provides the strength and flexibility to take full advantage of a potentially lower-for-longer commodity cycle.
As we turn to 2016, prudent capital allocation will continue to be our primary focus as we strive to spend within cash flows, enhance our returns and grow value for our shareholders. Longer-term, we have great confidence in the potential inherent in our portfolio. Our extensive, high-quality position in North American resource plays will continue to be the driver of our long-term growth. Our recent
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exploration successes in the North Sea and Egypt demonstrate the quality of our international assets and underpin their potential to sustain free cash flows for an extended period of time. It has been an extensive effort, and there is still more to do, but Apache is well-positioned for the future.
Conference call
Apache Corporation (NYSE, Nasdaq: APA) will host a conference call Thursday, Nov. 5, 2015, to discuss its third-quarter 2015 financial results. The call will begin at 1 p.m. Central time (2 p.m. Eastern time). To access the live audio webcast, please visit Apaches website at www.apachecorp.com.
A replay of the conference call will be available for seven days following the call. The number for the replay is 855-859-2056 or 404-537-3406 for international calls. The conference access code is 31407581.
Sign up for email alerts to be reminded of the webcast at http://investor.apachecorp.com/alerts.cfm.
Additional Information
Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDA, and net debt (non-GAAP financial measures) to GAAP measures and information regarding pro forma production. Apaches quarterly supplement is available at 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 and the United Kingdom. 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.
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Non-GAAP financial measures
Apaches financial information includes information prepared in conformity with generally accepted accounting standards (GAAP) as well as non-GAAP information. It is managements intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDA, and net debt 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, guidance and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apaches operations, including statements about our capital plans, drilling plans, production expectations, asset sales and monetizations. 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 2014 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.
Cautionary note to investors
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SECs definitions for such terms. Apache may use certain terms in this earnings release operations supplement, such as resources, potential resources, resource potential, estimated net reserves, recoverable reserves, and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apaches Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2014, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, TX 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SECs website at www.sec.gov.
Contacts
Investor: | (281) 302-2286 Gary Clark |
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Media: | (713) 296-7189 Castlen Kennedy | |
(713) 296-7276 Rory Sweeney | ||
Website: | www.apachecorp.com |
8
APACHE CORPORATION
STATEMENT OF CONSOLIDATED OPERATIONS
(Unaudited)
(In millions, except per share data)
For the Quarter Ended September 30, |
For the Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
REVENUES AND OTHER: |
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Oil revenues |
$ | 1,213 | $ | 2,553 | $ | 4,092 | $ | 7,995 | ||||||||
Gas revenues |
309 | 451 | 904 | 1,516 | ||||||||||||
NGL revenues |
50 | 177 | 166 | 532 | ||||||||||||
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Oil and gas production revenues |
1,572 | 3,181 | 5,162 | 10,043 | ||||||||||||
Derivative instrument gains (losses), net |
| 273 | | 79 | ||||||||||||
Other |
(76 | ) | (13 | ) | (59 | ) | (4 | ) | ||||||||
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1,496 | 3,441 | 5,103 | 10,118 | |||||||||||||
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COSTS AND EXPENSES: |
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Depreciation, depletion and amortization |
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Oil and gas property and equipment |
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Recurring |
829 | 1,086 | 2,751 | 3,182 | ||||||||||||
Additional |
5,721 | 1,562 | 18,757 | 1,765 | ||||||||||||
Other assets |
79 | 87 | 245 | 246 | ||||||||||||
Asset retirement obligation accretion |
37 | 39 | 109 | 115 | ||||||||||||
Lease operating expenses |
450 | 588 | 1,398 | 1,696 | ||||||||||||
Gathering and transportation |
58 | 67 | 163 | 203 | ||||||||||||
Taxes other than income |
104 | 124 | 232 | 482 | ||||||||||||
Impairments |
367 | | 367 | | ||||||||||||
General and administrative |
86 | 111 | 279 | 332 | ||||||||||||
Transaction, reorganization & separation costs |
| 34 | 120 | 66 | ||||||||||||
Financing costs, net |
107 | 60 | 240 | 157 | ||||||||||||
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7,838 | 3,758 | 24,661 | 8,244 | |||||||||||||
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INCOME (LOSS) BEFORE INCOME TAXES |
(6,342 | ) | (317 | ) | (19,558 | ) | 1,874 | |||||||||
Current income tax provision |
(84 | ) | 228 | 496 | 968 | |||||||||||
Deferred income tax provision (benefit) |
(707 | ) | 540 | (5,167 | ) | 684 | ||||||||||
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INCOME (LOSS) FROM CONTINUING OPS INCLUDING NONCONTROLLING INTEREST |
(5,551 | ) | (1,085 | ) | (14,887 | ) | 222 | |||||||||
Income (Loss) from discontinued operations, net of tax |
(95 | ) | (156 | ) | (959 | ) | (516 | ) | ||||||||
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INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST |
(5,646 | ) | (1,241 | ) | (15,846 | ) | (294 | ) | ||||||||
Net income attributable to noncontrolling interest |
9 | 89 | 60 | 295 | ||||||||||||
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INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK |
$ | (5,655 | ) | $ | (1,330 | ) | $ | (15,906 | ) | $ | (589 | ) | ||||
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NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS |
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Net income (loss) from continuing operations attributable to common shareholders |
$ | (5,560 | ) | $ | (1,174 | ) | $ | (14,947 | ) | $ | (73 | ) | ||||
Net income (loss) from discontinued operations |
(95 | ) | (156 | ) | (959 | ) | (516 | ) | ||||||||
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Net income (loss) attributable to common shareholders |
$ | (5,655 | ) | $ | (1,330 | ) | $ | (15,906 | ) | $ | (589 | ) | ||||
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BASIC NET INCOME (LOSS) PER COMMON SHARE: |
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Basic net income (loss) from continuing operations per share |
$ | (14.70 | ) | $ | (3.08 | ) | $ | (39.58 | ) | $ | (0.19 | ) | ||||
Basic net income (loss) from discontinued operations per share |
(0.25 | ) | (0.42 | ) | (2.54 | ) | (1.33 | ) | ||||||||
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Basic net income (loss) per share |
$ | (14.95 | ) | $ | (3.50 | ) | $ | (42.12 | ) | $ | (1.52 | ) | ||||
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DILUTED NET INCOME (LOSS) PER COMMON SHARE: |
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Diluted net income (loss) from continuing operations per share |
$ | (14.70 | ) | $ | (3.08 | ) | $ | (39.58 | ) | $ | (0.19 | ) | ||||
Diluted net income (loss) from discontinued operations per share |
(0.25 | ) | (0.42 | ) | (2.54 | ) | (1.33 | ) | ||||||||
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Diluted net income (loss) per share |
$ | (14.95 | ) | $ | (3.50 | ) | $ | (42.12 | ) | $ | (1.52 | ) | ||||
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WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: |
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Basic |
378 | 381 | 378 | 387 | ||||||||||||
Diluted |
378 | 381 | 378 | 387 | ||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE |
$ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.75 |
APACHE CORPORATION
PRODUCTION INFORMATION
% Change | ||||||||||||||||||||||||||||
3Q15 | 2Q15 | 3Q14 | 3Q15 to 2Q15 |
3Q15 to 3Q14 |
YTD 2015 | YTD 2014 | ||||||||||||||||||||||
OIL VOLUMEBarrels per day |
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Permian |
93,048 | 97,814 | 91,844 | -5 | % | 1 | % | 95,103 | 90,249 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
21,486 | 24,431 | 35,789 | -12 | % | -40 | % | 24,052 | 33,816 | |||||||||||||||||||
Canada |
14,795 | 15,791 | 17,672 | -6 | % | -16 | % | 15,812 | 17,748 | |||||||||||||||||||
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N.A. Onshore |
129,329 | 138,036 | 145,305 | -6 | % | -11 | % | 134,967 | 141,813 | |||||||||||||||||||
Gulf of Mexico |
5,878 | 5,453 | 5,980 | 8 | % | -2 | % | 5,739 | 6,386 | |||||||||||||||||||
GOM Shelf |
| | | | | | 224 | |||||||||||||||||||||
Egypt (1) |
91,132 | 99,975 | 87,499 | -9 | % | 4 | % | 94,356 | 88,076 | |||||||||||||||||||
North Sea |
58,330 | 58,873 | 55,247 | -1 | % | 6 | % | 59,622 | 58,636 | |||||||||||||||||||
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International & GOM (1) |
155,340 | 164,301 | 148,726 | -5 | % | 4 | % | 159,717 | 153,322 | |||||||||||||||||||
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Total (1) |
284,669 | 302,337 | 294,031 | -6 | % | -3 | % | 294,684 | 295,135 | |||||||||||||||||||
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TOTAL LIQUIDSBarrels per day |
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Permian |
128,973 | 133,043 | 125,674 | -3 | % | 3 | % | 128,178 | 119,702 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
39,808 | 43,623 | 62,675 | -9 | % | -36 | % | 42,786 | 60,498 | |||||||||||||||||||
Canada |
21,235 | 21,616 | 23,053 | -2 | % | -8 | % | 21,853 | 24,097 | |||||||||||||||||||
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N.A. Onshore |
190,016 | 198,282 | 211,402 | -4 | % | -10 | % | 192,817 | 204,297 | |||||||||||||||||||
Gulf of Mexico |
6,582 | 5,976 | 6,905 | 10 | % | -5 | % | 6,331 | 7,360 | |||||||||||||||||||
GOM Shelf |
| | 71 | | NM | | 278 | |||||||||||||||||||||
Egypt (1) |
92,128 | 101,189 | 88,225 | -9 | % | 4 | % | 95,436 | 88,692 | |||||||||||||||||||
North Sea |
59,770 | 59,699 | 56,541 | 0 | % | 6 | % | 60,675 | 59,887 | |||||||||||||||||||
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International & GOM (1) |
158,480 | 166,864 | 151,742 | -5 | % | 4 | % | 162,442 | 156,217 | |||||||||||||||||||
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Total (1) |
348,496 | 365,146 | 363,144 | -5 | % | -4 | % | 355,259 | 360,514 | |||||||||||||||||||
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NATURAL GAS VOLUMEMcf per day |
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Permian |
246,141 | 234,379 | 216,804 | 5 | % | 14 | % | 232,603 | 215,289 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
179,578 | 192,219 | 343,153 | -7 | % | -48 | % | 189,823 | 354,409 | |||||||||||||||||||
Canada |
270,027 | 282,971 | 300,803 | -5 | % | -10 | % | 280,120 | 331,470 | |||||||||||||||||||
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N.A. Onshore |
695,746 | 709,569 | 860,760 | -2 | % | -19 | % | 702,546 | 901,168 | |||||||||||||||||||
Gulf of Mexico |
19,520 | 20,190 | 19,109 | -3 | % | 2 | % | 20,224 | 19,379 | |||||||||||||||||||
GOM Shelf |
| | 122 | | NM | | 488 | |||||||||||||||||||||
Egypt (1) |
365,552 | 405,544 | 377,838 | -10 | % | -3 | % | 378,367 | 374,384 | |||||||||||||||||||
North Sea |
81,392 | 56,367 | 50,647 | 44 | % | 61 | % | 62,848 | 50,209 | |||||||||||||||||||
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International & GOM (1) |
466,464 | 482,101 | 447,716 | -3 | % | 4 | % | 461,439 | 444,460 | |||||||||||||||||||
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Total (1) |
1,162,210 | 1,191,670 | 1,308,476 | -2 | % | -11 | % | 1,163,985 | 1,345,628 | |||||||||||||||||||
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BOE per day |
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Permian |
169,997 | 172,106 | 161,808 | -1 | % | 5 | % | 166,945 | 155,583 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
69,737 | 75,661 | 119,867 | -8 | % | -42 | % | 74,423 | 119,567 | |||||||||||||||||||
Canada |
66,239 | 68,778 | 73,187 | -4 | % | -9 | % | 68,541 | 79,341 | |||||||||||||||||||
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N.A. Onshore |
305,973 | 316,545 | 354,862 | -3 | % | -14 | % | 309,909 | 354,491 | |||||||||||||||||||
Gulf of Mexico |
9,835 | 9,340 | 10,090 | 5 | % | -3 | % | 9,701 | 10,589 | |||||||||||||||||||
GOM Shelf |
| | 92 | | NM | | 360 | |||||||||||||||||||||
Egypt (1, 2) |
153,054 | 168,779 | 151,198 | -9 | % | 1 | % | 158,498 | 151,090 | |||||||||||||||||||
North Sea |
73,335 | 69,094 | 64,982 | 6 | % | 13 | % | 71,149 | 68,255 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International & GOM (1) |
236,224 | 247,213 | 226,362 | -4 | % | 4 | % | 239,348 | 230,294 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total (1) |
542,197 | 563,758 | 581,224 | -4 | % | -7 | % | 549,257 | 584,785 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total excluding noncontrolling interests |
490,249 | 507,699 | 530,611 | -3 | % | -8 | % | 496,169 | 534,515 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below: | ||||||||||||||||||||||||||||
Oil (b/d) |
30,671 | 33,247 | 29,201 | 31,530 | 29,259 | |||||||||||||||||||||||
Gas (Mcf/d) |
125,657 | 134,445 | 127,020 | 127,186 | 124,836 | |||||||||||||||||||||||
NGL (b/d) |
334 | 404 | 242 | 360 | 205 | |||||||||||||||||||||||
(2) Egypt Gross ProductionBOE per day |
362,073 | 349,398 | 345,708 | 4 | % | 5 | % | 351,812 | 349,843 | |||||||||||||||||||
Discontinued Operations: |
||||||||||||||||||||||||||||
Oil (b/d) |
| 9,849 | 22,014 | 10,175 | 20,086 | |||||||||||||||||||||||
Gas (Mcf/d) |
| 149,336 | 201,386 | 125,831 | 255,762 | |||||||||||||||||||||||
NGL (b/d) |
| | | | 424 | |||||||||||||||||||||||
BOE/d |
| 34,738 | 55,578 | 31,146 | 63,138 |
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 1) divested assets, 2) noncontrolling interest in Egypt, and 3) 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.
% Change | ||||||||||||||||||||||||||||
3Q15 | 2Q15 | 3Q14 | 3Q15 to 2Q15 |
3Q15 to 3Q14 |
YTD 2015 | YTD 2014 | ||||||||||||||||||||||
OIL VOLUMEBarrels per day |
||||||||||||||||||||||||||||
Permian |
93,048 | 97,814 | 91,844 | -5 | % | 1 | % | 95,103 | 90,249 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
21,441 | 24,452 | 22,639 | -12 | % | -5 | % | 24,036 | 20,509 | |||||||||||||||||||
Canada |
14,795 | 15,776 | 17,657 | -6 | % | -16 | % | 15,789 | 17,629 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
N.A. Onshore |
129,284 | 138,042 | 132,140 | -6 | % | -2 | % | 134,928 | 128,387 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Gulf of Mexico |
5,878 | 5,453 | 5,980 | 8 | % | -2 | % | 5,739 | 6,386 | |||||||||||||||||||
Egypt |
56,972 | 54,854 | 44,372 | 4 | % | 28 | % | 55,470 | 43,804 | |||||||||||||||||||
North Sea |
58,330 | 58,164 | 53,287 | 0 | % | 9 | % | 58,765 | 55,774 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International & GOM |
121,180 | 118,471 | 103,639 | 2 | % | 17 | % | 119,974 | 105,964 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
250,464 | 256,513 | 235,779 | -2 | % | 6 | % | 254,902 | 234,351 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL LIQUIDSBarrels per day |
||||||||||||||||||||||||||||
Permian |
128,973 | 133,043 | 125,674 | -3 | % | 3 | % | 128,178 | 119,702 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
39,763 | 43,531 | 40,038 | -9 | % | -1 | % | 42,742 | 37,153 | |||||||||||||||||||
Canada |
21,238 | 21,575 | 23,040 | -2 | % | -8 | % | 21,819 | 23,353 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
N.A. Onshore |
189,974 | 198,149 | 188,752 | -4 | % | 1 | % | 192,739 | 180,208 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gulf of Mexico |
6,582 | 5,976 | 6,905 | 10 | % | -5 | % | 6,331 | 7,360 | |||||||||||||||||||
Egypt |
57,597 | 55,519 | 44,749 | 4 | % | 29 | % | 56,104 | 44,124 | |||||||||||||||||||
North Sea |
59,770 | 58,966 | 54,506 | 1 | % | 10 | % | 59,794 | 56,860 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International & GOM |
123,949 | 120,461 | 106,160 | 3 | % | 17 | % | 122,229 | 108,344 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
313,923 | 318,610 | 294,912 | -1 | % | 6 | % | 314,968 | 288,552 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
NATURAL GAS VOLUMEMcf per day |
||||||||||||||||||||||||||||
Permian |
246,141 | 234,380 | 216,804 | 5 | % | 14 | % | 232,603 | 215,289 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
179,980 | 192,678 | 188,367 | -7 | % | -4 | % | 190,535 | 182,746 | |||||||||||||||||||
Canada |
269,774 | 282,651 | 297,426 | -5 | % | -9 | % | 279,257 | 291,952 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
N.A. Onshore |
695,895 | 709,709 | 702,597 | -2 | % | -1 | % | 702,395 | 689,987 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Gulf of Mexico |
19,520 | 20,190 | 19,109 | -3 | % | 2 | % | 20,224 | 19,383 | |||||||||||||||||||
Egypt |
238,104 | 233,095 | 192,484 | 2 | % | 24 | % | 231,636 | 189,054 | |||||||||||||||||||
North Sea |
81,392 | 55,489 | 48,104 | 47 | % | 69 | % | 62,186 | 45,470 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International & GOM |
339,016 | 308,774 | 259,697 | 10 | % | 31 | % | 314,046 | 253,907 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
1,034,911 | 1,018,483 | 962,294 | 2 | % | 8 | % | 1,016,441 | 943,894 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
BOE per day |
||||||||||||||||||||||||||||
Permian |
169,997 | 172,106 | 161,808 | -1 | % | 5 | % | 166,945 | 155,583 | |||||||||||||||||||
MidContinent/Gulf Coast Region |
69,771 | 75,643 | 71,433 | -8 | % | -2 | % | 74,497 | 67,611 | |||||||||||||||||||
Canada |
66,190 | 68,684 | 72,612 | -4 | % | -9 | % | 68,362 | 72,011 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
N.A. Onshore |
305,958 | 316,433 | 305,853 | -3 | % | 0 | % | 309,804 | 295,205 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Gulf of Mexico |
9,835 | 9,340 | 10,090 | 5 | % | -3 | % | 9,701 | 10,590 | |||||||||||||||||||
Egypt |
97,281 | 94,368 | 76,830 | 3 | % | 27 | % | 94,710 | 75,632 | |||||||||||||||||||
North Sea |
73,335 | 68,214 | 62,522 | 8 | % | 17 | % | 70,159 | 64,438 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International & GOM |
180,451 | 171,922 | 149,442 | 5 | % | 21 | % | 174,570 | 150,660 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
486,409 | 488,355 | 455,295 | 0 | % | 7 | % | 484,374 | 445,865 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
APACHE CORPORATION
PRICE INFORMATION
3Q15 | 2Q15 | 3Q14 | YTD 2015 | YTD 2014 | ||||||||||||||||
AVERAGE OIL PRICE PER BARREL |
||||||||||||||||||||
Permian |
$ | 44.87 | $ | 53.77 | $ | 88.71 | $ | 47.78 | $ | 92.22 | ||||||||||
MidContinent/Gulf Coast Region |
42.67 | 53.86 | 96.70 | 47.49 | 98.19 | |||||||||||||||
Canada |
40.07 | 52.22 | 85.43 | 44.00 | 89.45 | |||||||||||||||
N.A. Onshore |
43.98 | 53.56 | 90.30 | 47.28 | 93.32 | |||||||||||||||
Gulf of Mexico |
45.30 | 57.69 | 97.86 | 49.42 | 100.74 | |||||||||||||||
Egypt |
47.84 | 60.83 | 100.06 | 53.86 | 105.50 | |||||||||||||||
North Sea |
49.46 | 64.03 | 95.80 | 54.42 | 104.13 | |||||||||||||||
Total |
46.34 | 58.09 | 94.38 | 50.87 | 99.23 | |||||||||||||||
AVERAGE NATURAL GAS PRICE PER MCF |
||||||||||||||||||||
Permian |
$ | 2.61 | $ | 2.24 | $ | 3.79 | $ | 2.43 | $ | 4.35 | ||||||||||
MidContinent/Gulf Coast Region |
2.49 | 2.37 | 4.04 | 2.58 | 4.58 | |||||||||||||||
Canada |
2.39 | 2.34 | 4.04 | 2.44 | 4.22 | |||||||||||||||
N.A. Onshore |
2.46 | 2.31 | 3.97 | 2.45 | 4.41 | |||||||||||||||
Gulf of Mexico |
2.75 | 2.61 | 3.50 | 2.76 | 4.31 | |||||||||||||||
Egypt |
2.87 | 2.91 | 2.91 | 2.90 | 2.96 | |||||||||||||||
North Sea |
6.41 | 7.35 | 6.10 | 6.95 | 8.06 | |||||||||||||||
Total |
2.89 | 2.73 | 3.75 | 2.84 | 4.13 | |||||||||||||||
AVERAGE NGL PRICE PER BARREL |
||||||||||||||||||||
Permian |
$ | 8.51 | $ | 10.28 | $ | 27.29 | $ | 10.00 | $ | 28.86 | ||||||||||
MidContinent/Gulf Coast Region |
7.47 | 9.67 | 24.93 | 9.05 | 27.03 | |||||||||||||||
Canada |
3.23 | 4.41 | 33.50 | 6.12 | 36.40 | |||||||||||||||
N.A. Onshore |
7.63 | 9.52 | 26.83 | 9.29 | 28.84 | |||||||||||||||
Gulf of Mexico |
11.44 | 14.72 | 34.44 | 13.12 | 32.67 | |||||||||||||||
Egypt |
27.04 | 28.82 | 52.80 | 30.62 | 56.57 | |||||||||||||||
North Sea |
25.61 | 30.94 | 59.47 | 26.76 | 66.18 | |||||||||||||||
Total |
8.38 | 10.21 | 27.84 | 10.01 | 29.78 | |||||||||||||||
Discontinued Operations: |
||||||||||||||||||||
Oil price ($/Bbl) |
$ | | $ | 63.60 | $ | 98.82 | $ | 49.76 | $ | 103.57 | ||||||||||
Gas price ($/Mcf) |
| 3.88 | 4.70 | 4.07 | 4.24 | |||||||||||||||
NGL price ($/Bbl) |
| | | | 24.57 |
APACHE CORPORATION
SUMMARY BALANCE SHEET INFORMATION
(Unaudited)
(In millions)
September 30, 2015 |
December 31, 2014 |
|||||||
Cash and Cash Equivalents |
$ | 1,655 | $ | 769 | ||||
Assets Held for Sale |
79 | 1,628 | ||||||
Other Current Assets |
2,345 | 4,018 | ||||||
Property and Equipment, net |
22,377 | 48,076 | ||||||
Goodwill |
87 | 87 | ||||||
Other Assets |
1,269 | 1,374 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 27,812 | $ | 55,952 | ||||
|
|
|
|
|||||
Current Liabilities |
$ | 2,167 | $ | 3,664 | ||||
Long-Term Debt |
8,777 | 11,245 | ||||||
Deferred Credits and Other Noncurrent Liabilities |
4,896 | 12,906 | ||||||
Apache Shareholders' Equity |
9,809 | 25,937 | ||||||
Noncontrolling interest |
2,163 | 2,200 | ||||||
|
|
|
|
|||||
Total Liabilities and Shareholders' Equity |
$ | 27,812 | $ | 55,952 | ||||
|
|
|
|
|||||
Common shares outstanding at end of period |
378 | 377 | ||||||
% of total debt-to-capitalization |
42 | % | 29 | % |
APACHE CORPORATION
SUMMARY OF COSTS INCURRED AND GTP CAPITAL INVESTMENTS
(Unaudited)
(In millions)
For the Quarter Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Costs Incurred in Oil and Gas Property: |
||||||||||||||||
Acquisitions |
||||||||||||||||
Proved |
$ | 2 | $ | 98 | $ | 2 | $ | 103 | ||||||||
Unproved |
124 | 429 | 252 | 552 | ||||||||||||
Exploration and Development |
860 | 2,538 | 3,301 | 7,524 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
986 | 3,065 | 3,555 | 8,179 | |||||||||||||
GTP Capital Investments: |
||||||||||||||||
GTP Facilities |
13 | 300 | 273 | 1,022 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Costs Incurred and GTP Capital Investments |
$ | 999 | $ | 3,365 | $ | 3,828 | $ | 9,201 | ||||||||
|
|
|
|
|
|
|
|
APACHE CORPORATION
NON-GAAP FINANCIAL MEASURES
(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 Apaches 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 September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income (Loss) Attributable to Common Stock (GAAP) |
$ | (5,655 | ) | $ | (1,330 | ) | $ | (15,906 | ) | $ | (589 | ) | ||||
Adjustments: |
||||||||||||||||
Oil & gas property write-downs, net of tax |
3,716 | 1,002 | 12,155 | 1,079 | ||||||||||||
Tax adjustments (1) |
1,472 | 821 | 2,229 | 816 | ||||||||||||
Discontinued operations, net of tax |
95 | 156 | 959 | 516 | ||||||||||||
Impairments, net of tax |
300 | | 300 | | ||||||||||||
Transaction, reorganization & separation costs, net of tax |
| 22 | 78 | 43 | ||||||||||||
Contract termination charges, net of tax |
26 | 18 | 54 | 27 | ||||||||||||
Loss on extinguishment of debt, net of tax |
25 | | 25 | | ||||||||||||
Unrealized commodity derivative mark-to-market, net of tax |
| (202 | ) | | (220 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Earnings (Non-GAAP) |
$ | (21 | ) | $ | 487 | $ | (106 | ) | $ | 1,672 | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income (Loss) per Common ShareDiluted (GAAP) |
$ | (14.95 | ) | $ | (3.50 | ) | $ | (42.12 | ) | $ | (1.52 | ) | ||||
Adjustments: |
||||||||||||||||
Oil & gas property write-downs, net of tax |
9.83 | 2.62 | 32.18 | 2.78 | ||||||||||||
Tax adjustments (1) |
3.89 | 2.14 | 5.90 | 2.10 | ||||||||||||
Discontinued operations, net of tax |
0.25 | 0.42 | 2.54 | 1.33 | ||||||||||||
Impairments, net of tax |
0.79 | | 0.79 | | ||||||||||||
Transaction, reorganization & separation costs, net of tax |
| 0.06 | 0.21 | 0.11 | ||||||||||||
Contract termination charges, net of tax |
0.07 | 0.05 | 0.15 | 0.07 | ||||||||||||
Loss on extinguishment of debt, net of tax |
0.07 | | 0.07 | | ||||||||||||
Unrealized commodity derivative mark-to-market, net of tax |
| (0.52 | ) | | (0.57 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Earnings Per ShareDiluted (Non-GAAP) |
$ | (0.05 | ) | $ | 1.27 | $ | (0.28 | ) | $ | 4.30 | ||||||
|
|
|
|
|
|
|
|
|||||||||
Total income tax provision (GAAP) |
$ | (791 | ) | $ | 768 | $ | (4,671 | ) | $ | 1,652 | ||||||
Adjustments: |
||||||||||||||||
Tax impact on oil & gas property write-downs |
2,005 | 560 | 6,602 | 686 | ||||||||||||
Tax impact on impairments |
67 | | 67 | | ||||||||||||
Tax impact on transaction, reorganization & separation costs |
| 12 | 42 | 23 | ||||||||||||
Tax impact on contract termination charges |
15 | 9 | 30 | 15 | ||||||||||||
Tax impact on extinguishment of debt |
14 | | 14 | | ||||||||||||
Tax impact on unrealized commodity derivative mark-to-market |
| (111 | ) | | (121 | ) | ||||||||||
Tax adjustments (1) |
(1,472 | ) | (821 | ) | (2,229 | ) | (816 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted total income tax provision |
$ | (162 | ) | $ | 417 | $ | (145 | ) | $ | 1,439 | ||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Effective Tax Rate (Non-GAAP) |
NM | 42.0 | % | NM | 42.3 | % |
(1) | Tax adjustments are primarily related to valuation allowances associated with projected utilization of the Company's foreign tax credit carryforward. The valuation allowances were partially offset by $619 million in benefits for the North Sea tax rate change in the first quarter of 2015. |
APACHE CORPORATION
NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
Reconciliation of income (loss) before taxes to adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure. EBITDA is a widely accepted financial indicator of a company's ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. Adjusted EBITDA generally excludes certain items that management believes affect the comparability of operating results or are not related to Apaches ongoing operations. Management uses adjusted EBITDA to evaluate the company's operational trends and performance relative to other oil and gas companies.
For the Quarter Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income (loss) before income taxes |
$ | (6,342 | ) | $ | (317 | ) | $ | (19,558 | ) | $ | 1,874 | |||||
Adjustments: |
||||||||||||||||
Depreciation, depletion and amortization |
||||||||||||||||
Oil and gas property and equipment |
||||||||||||||||
Recurring |
829 | 1,086 | 2,751 | 3,182 | ||||||||||||
Additional |
5,721 | 1,562 | 18,757 | 1,765 | ||||||||||||
Other assets |
79 | 87 | 245 | 246 | ||||||||||||
Asset retirement obligation accretion |
37 | 39 | 109 | 115 | ||||||||||||
Impairments |
367 | | 367 | | ||||||||||||
Transaction, reorganization & separation costs |
| 34 | 120 | 66 | ||||||||||||
Financing costs, net |
107 | 60 | 240 | 157 | ||||||||||||
Contract termination charges |
41 | 28 | 84 | 42 | ||||||||||||
Unrealized commodity derivative mark-to-market |
| (314 | ) | | (341 | ) | ||||||||||
Less: net income attributable to noncontrolling interests |
(9 | ) | (89 | ) | (60 | ) | (295 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA (Non-GAAP) |
$ | 830 | $ | 2,176 | $ | 3,055 | $ | 6,811 | ||||||||
|
|
|
|
|
|
|
|
Reconciliation of debt to net debt
Net debt is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivelents on hand.
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
|||||||||||||
Current debt |
$ | | $ | | $ | 2,598 | $ | | ||||||||
Long-term debt |
8,777 | 9,676 | 9,675 | 11,245 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total debt |
8,777 | 9,676 | 12,273 | 11,245 | ||||||||||||
Cash |
1,655 | 2,950 | 229 | 769 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net debt |
$ | 7,122 | $ | 6,726 | $ | 12,044 | $ | 10,476 | ||||||||
|
|
|
|
|
|
|
|