Operations Supplement

Transcription

Fourth Quarter & Full-Year 2014
QUARTERLY SUPPLEMENT
TABLE OF CONTENTS
Operational Summary........................................................................................................................................................... 2
NORTH AMERICA .............................................................................................................................................................. 6
Permian ........................................................................................................................................................................ 6
Central .......................................................................................................................................................................... 9
Gulf Coast (Eagle Ford) ............................................................................................................................................... 11
Canada ........................................................................................................................................................................ 13
INTERNATIONAL ............................................................................................................................................................. 14
North Sea .................................................................................................................................................................... 14
Egypt ........................................................................................................................................................................... 16
Australia ...................................................................................................................................................................... 19
Supplementary Financial Data ............................................................................................................................................ 20
Oil and Gas Capital Investment .................................................................................................................................. 20
Year over Year Net Debt Reconciliation ..................................................................................................................... 21
2015 Production Guidance ......................................................................................................................................... 22
FOURTH QUARTER & FULL-YEAR 2014
NOTICE TO INVESTORS
This earnings release operations supplement contains certain "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 and, whenever
possible, are identified by use of the words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and
similar references to future periods. Any matters that are not historical facts are forward-looking and, accordingly, involve
estimates, assumptions, risks and uncertainties, including, without limitation, our assumptions and estimates about the market
prices of oil, natural gas, NGLs and other products or services, our commodity hedging arrangements, the supply and demand for oil,
natural gas, NGLs and other products or services, production and reserve levels, drilling risks, the number of wells drilled, economic
and competitive conditions, the availability of capital resources, capital expenditure and other contractual obligations, and our
ability to complete, test and produce the wells identified in this supplement. Because such statements involve risks and
uncertainties, Apache’s actual results and performance may differ materially from the results expressed or implied by the forwardlooking statements contained in this supplement. Other important factors that could cause actual results to differ materially from
expected results are described in “Risk Factors” in our most recently filed Annual Report on Form 10-K, recent Quarterly Reports on
Form 10-Q and amendments thereto, available on our Web site and in our other public filings and press releases. There is no
assurance that Apache's expectations will be realized, and readers are cautioned not to place undue reliance on forward looking
statements, which speak only as of the date hereof. Unless otherwise required by law, we assume no duty to update these
statements as of any future date.
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 SEC's definitions for such terms. Apache
may use certain terms in this earnings release operations supplement, such as “resources,” “potential resources,” “resource
potential,” “reserves potential,” 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 Apache’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2013, available from Apache at www.apachecorp.com or by writing Apache at:
2000 Post Oak Blvd., Suite 100, Houston, Texas 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by
calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Certain information may be provided in this supplement that includes financial measurements that are not required by, or presented
in accordance with, generally accepted accounting principles (GAAP), including these measures: adjusted earnings, pre-tax margin,
and cash from operations. These non-GAAP measures should not be considered as alternatives to GAAP measures, such as net
income or cash from operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly
titled measures used at other companies. Reconciliation to the most directly comparable GAAP financial measure has been provided
on our website at www.apachecorp.com/financialdata.
None of the information contained in this document has been audited by any independent auditor. This supplemental document is
prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Apache intends to continue
to publish this supplement in conjunction with our quarterly earnings release, but may elect to modify the format or discontinue
publication at any time, without notice to securities analysts or investors.
1
Operational Summary
Fourth quarter 2014 North American onshore liquids production grew 20
percent from prior year quarter and 5 percent sequentially on a pro forma
basis led by strong results in our Permian region. North American onshore
liquids volumes reached a record 222,016 Bbls/d.
NORTH AMERICAN ONSHORE




Total worldwide reported production during the quarter averaged 673
thousand barrels of oil equivalent per day (Mboe/d). Liquids production
comprised 62 percent of the total, up from 60 percent in the previous
quarter.
Pro forma fourth-quarter production averaged 609 Mboe/d compared to
a fourth-quarter 2013 average of 545 Mboe/d, a 12 percent increase.
Apache averaged 115 rigs worldwide during the fourth quarter, 81 of
which were focused onshore in North America.
The company completed 337 gross wells during the quarter, 266 of which
were in North America onshore.
KEY STATS






Fourth-Quarter 2014
4Q Production:
367,799 Boe/d
4Q Wells:
266 gross, 204 net
4Q Rigs:
Avg 81 rigs
Full-Year 2014
2014 Production:
357,845 Boe/d
2014 Wells:
1,218 gross, 901 net
2014 Rigs:
Avg 85 rigs
GLOBAL KEY STATS






Fourth-Quarter 2014
4Q Production:
673,343 Boe/d
4Q Wells:
337 gross, 269 net
4Q Rigs:
Avg 115 rigs
Full-Year 2014
2014 Production:
646,506 Boe/d
2014 Wells:
1,479 gross, 1,125 net
2014 Rigs:
Avg 119 rigs
APACHE WORLDWIDE OPERATIONS
2
Note: Pro forma production rates and growth percentages in this report are adjusted to exclude volumes from divestitures, noncontrolling interest and tax barrels in Egypt. The number of wells reported as
drilled and/or completed throughout this report could be subject to reclassification that may cause adjustments to reported amounts in future periods. The number of wells reported is subject to SEC standards
and therefore, along with other SEC guidelines, includes completed wells only.
REPORTED
4Q PRODUCTION BY REGION
673 Mboe/d
North Sea
Australia
10%
12%
Central
14%
Egypt
N.A.
Onshore
55%
22%
25%
1%
Gulf of
Mexico
Permian
11%
Canada
5%
Gulf Coast
REPORTED
4Q PRODUCTION BY PRODUCT
International
Liquids
REPORTED
4Q REVENUE BY PRODUCT
International
Liquids
$1.2 Bn
North
American
Liquids
28%
34%
North
American
Liquids
$1.1 Bn
42%
39%
16%
International
Gas
22%
North American Onshore
8%
North American
Gas
International Gas
$0.3 Bn
International & Offshore
Liquids
11%
North American
Gas
$0.3 Bn
Natural Gas
Note: Reported volumes are consistent with production included for purposes of GAAP financial reporting and therefore include noncontrolling interest and tax barrels in Egypt.
3
TOTAL COMPANY PRO FORMA
4Q PRODUCTION RECONCILIATION
609 Mboe/d
583 Mboe/d
Mboe/d
800
50
700
9
23
600
500
400
300
609
673
200
100
4Q 2014 Reported
Noncontrolling
Interest
Egypt Tax Barrels
Egypt Tax Barrel
Offset
4Q 2014 PF
PRO FORMA 4Q PRODUCTION BY PRODUCT
PRO FORMA 4Q PRODUCTION BY REGION
Australia
North Sea
11%
North
American
Liquids
International
Liquids
13%
Central
15%
24%
Egypt
38%
14%
Gulf of
Mexico
N.A.
Onshore
60%
14%
2%
International
Gas
28%
12%
Canada
5%
Gulf Coast
24%
Permian
North American Gas
International & Offshore
4
Liquids
Natural Gas
PRO FORMA
NORTH AMERICAN ONSHORE PRODUCTION: 2013 VS 2014
Liquids Production (Mbbls/d)
Total Production (Mboe/d)
351
350
350
300
300
250
250
319
10%
Gas
19%
200
208
200
175
64
150
NGLs
150
53
100
50
100
122
144
Oil
208
50
0
% Oil
175
0
2013
70%
2014
69%
% Liquids
5
2013
55%
2014
59%
Liquids
NORTH AMERICA
Permian




Fourth-quarter 2014 production averaged a record 168,728
barrels of oil equivalent per day (Boe/d) and consisted of 78
percent liquids. Volumes were up 4 percent over the previous
quarter, and 26 percent over the fourth quarter of 2013.
Apache averaged 42 operated drilling rigs, 29 of which were
horizontal and 13 were vertical.
During the quarter, 155 gross operated wells reached total
depth, including 76 horizontals and 79 verticals.
114 net wells were completed in the fourth quarter.
PERMIAN KEY STATS






Fourth-Quarter 2014
4Q Production:
168,728 Boe/d
4Q Wells:
148 gross, 114 net
4Q Rigs:
Avg 42 rigs
2014 Production:
2014 Wells:
2014 Rigs:
APACHE PERMIAN REGION
ACREAGE AND KEY PLAYS
6
Full-Year 2014
158,897 Boe/d
728 gross, 549 net
Avg 40 rigs
Permian (Continued)
DELAWARE BASIN



Five rigs were drilling in the Delaware Basin during the quarter, with activity
focused primarily in the Pecos Bend and Waha areas targeting the Bone
Springs and Wolfcamp formations.
In Pecos Bend, two notable wells were drilled and completed during the
fourth quarter:
 The Mockingbird State UN 9 #204H was drilled 11,063 feet vertically and
6,571 feet laterally, completed with 26 frac stages and produced an
average 30-day initial production rate of 1,193 Boe/d.
 The Robin 8 #104H was drilled 10,671 feet vertically and 4,302 feet
laterally, completed with 22 frac stages and produced an average 30-day
initial rate of 911 Boe/d.
Activity continues to be focused on testing additional targets, testing well designs and different completion
techniques to continue optimizing well performance and costs.
BARNHART - WOLFCAMP SHALE



Five rigs were active at Barnhart, spudding 18 wells with targets in the Upper and Middle Wolfcamp formations.
Production grew 10 percent quarter-over-quarter at Barnhart, with
strong contribution from 10 new horizontal wells placed on
production.
Two notable wells, the SSH Unit 43M and SSH Unit 41U, proved the
productivity of the Upper and Middle Wolfcamp intervals on the
south portion of our acreage in the SSH Unit.
SOUTHERN MIDLAND BASIN - WOLFCAMP SHALE



Powell-Miller:
 Drilling commenced in the Powell-Miller area of Upton County
where Apache has approximately 11,200 gross acres (8,300 net
acres).
 Two horizontal wells targeting the Upper and Middle Wolfcamp reached total depth in the quarter.
Wildfire:
 During the fourth quarter, a horizontal program kicked off in the Wildfire area. Four rigs were targeting the
Middle Wolfcamp shale with all four wells scheduled to reach TD in early first quarter of 2015.
Spraberry Core:
 During the fourth quarter a horizontal program kicked off in the Spraberry Core area in SW Midland County
with drilling focused on testing Wolfcamp and Cline targets.
7
Permian (Continued)
CENTRAL BASIN PLATFORM (CBP)/NORTHWEST SHELF



Horizontal development in the CBP continued in the Super Bar,
Augusta Barrow, North Monahans and Crane areas focusing on
the Wichita Albany, Cline and Grayburg formations.
Gross production on the CBP remained unchanged at
approximately 101,900 in the fourth quarter of 2014 as
compared to the third quarter of 2014.
Cedar Lake-Artesia:
 Remained an active area of the Northwest Shelf with three
rigs running during the quarter targeting the Yeso play.
 In the Cedar Lake horizontal area, the Crow Federal #35 and #37 wells landing in the Yeso were brought onto
production and produced 30-day average rates of 751 Boe/d and 560 Boe/d, respectively.
PERMIAN WELL HIGHLIGHTS
Fourth-Quarter 2014
PLAY/TARGET
WELL NAME
COUNTY, ST
TVD
LATERAL
30 Day IP (% Oil)
6,571’
1,193 Boe/d (46%)
4,302’
911 Boe/d (56%)
Mockingbird State UN 9 #204H
Reeves, TX
Robin 8 #104H
Reeves, TX
11,063
’
10,671
SSH UN #H43M
Irion, TX
’
7,180’
8,590’
1,248 Boe/d (68%)
SSH UN #H41U
Irion, TX
6,580’
8,613’
1,112 Boe/d (71%)
SSH UN #H33M
Irion, TX
6,968’
8,512’
898 Boe/d (61%)*
SSH UN #H23M
Irion, TX
7,035’
8,577’
837 Boe/d (86%)
SSH UN #H31U
Irion, TX
6,560’
8,507’
749 Boe/d (72%)
SSH UN #H13M
Irion, TX
7,040’
8,600’
715 Boe/d (87%)
SMB Wolfcamp Shale
Shackleton 31W 3H
Glasscock, TX
8,482’
4,792’
1,236 Boe/d (77%)
SMB Lower Cline Shale
Ballenger #3215H
Glasscock, TX
9,351’
8,637’
806 Boe/d (78%)
Palmillo 14 St COM #1H
Eddy, NM
9,297’
2,577’
930 Boe/d (73%)
Crow Fed #35
Eddy, NM
5,358’
4,103’
751 Boe/d
0 Boe(82%)
Crow Fed #37
Eddy, NM
5,871’
4,138’
560 Boe/d (81%)
Campbell, Seth #78
Winkler, TX
5,514’
VERTICAL
431 Boe/d (48%)
Delaware Horiz. Bone Spgs
Barnhart Wolfcamp Shale
CBP/NW Shelf
*Indicates less than 30-day test period.
8
Central






Fourth-quarter 2014 production averaged 93,933 Boe/d, up 3.5
CENTRAL KEY STATS
percent sequentially due to strong performance of new wells
Fourth-Quarter 2014
brought online.

4Q Production:
93,933 Boe/d

4Q Wells:
72 gross, 48 net
Apache continued to reduce the rig count in the Anadarko Basin,

4Q
Rigs:
Avg 20 rigs
removing 11 rigs during the quarter.
72 gross wells drilled in the quarter focused primarily on the
Full-Year 2014
Canyon Lime, Cleveland and Lower Marmaton formations.

2014 Production:
91,036 Boe/d
The previously announced divestiture of producing properties in

2014 Wells:
307 gross, 203 net

2014 Rigs:
Avg 28 rigs
Oklahoma and the Texas Panhandle closed on December 31,
2014. These properties included approximately 115,000 net acres
of mature, high-decline rate production in the Stiles Ranch, Mocane Laverne and Verden areas. As of September
2014, production from these properties averaged 25,600 Boe/d.
2.2 million gross (1.0 million net) acres remain in the region post the divested properties.
Activity continues to slow in the Anadarko Basin with two rigs running as of the end of the year. Strong well
performance is being driven by an increased focus on return optimization.
APACHE CENTRAL REGION
9
Central (Continued)
CANYON LIME




Apache continued to advance the Canyon Lime play in the Texas Panhandle, running four rigs and commencing its
first multi-well pad.
Flow back of this first multi-well pad, the Bivins East 93 began in late January.
Operating rig count will be reduced to one in 2015 as a result of expected capital budget reductions companywide.
The focus in 2015 will be concentrated on testing spacing parameters, testing potential for additional zones and
optimizing drilling and completion techniques.
WOODFORD




During the quarter, Apache drilled and completed two successful delineation wells, the Cook 13-5-6 1H and Phillips
5-4-6 1H, which produced at average 30-day initial production rates of 1,810 Boe/d and 1,428 Boe/d, respectively.
Both Woodford wells have significantly higher productivity due to newly applied fracture treatment designs.
Apache initiated seismic permitting activities to further delineate the play in 2015.
Currently, Apache holds 200,000 gross (51,000 net) acres prospective for the Woodford.
CENTRAL WELL HIGHLIGHTS
Fourth-Quarter 2014
PLAY/TARGET
WELL NAME
COUNTY, ST
TVD
Lateral
IP (30-Day) (% Liquids)
Apache 20-11-21 1H
Beckham, OK
12,920’
4,462’
3,843 Boe/d (53%)
Apache 21-11-21 1H
Beckham, OK
13,000’
3,993’
3,571 Boe/d (61%)
Cook 13-5-6 1H
Grady, OK
15,400’
3,832’
1,810 Boe/d (51%)
Phillips 5-4-6-1H
Grady, OK
15,510’
4,060’
1,428 Boe/d (39%)
Thoral 24-15-26 1H
Roger Mills, OK
10,224’
4,796’
3,452 Boe/d (48%)
Smith 8-15-26 4H
Roger Mills, OK
10,133’
3,883’
2,159 Boe/d (51%)
Cottage Grove
Earlene 23-12-23 1H
Roger Mills, OK
10,230’
2,997’
1,879 Boe/d (85%)
Granite Wash
Calcote 63 10H
Wheeler, TX
13,600’
4,708’
1,495 Boe/d (49%)
Lower Marmaton
Woodford
Cleveland
10
Gulf Coast (Eagle Ford)




Fourth-quarter 2014 production averaged 32,826 Boe/d, up 13
GULF COAST KEY STATS
percent from the third quarter of 2014.
Fourth-Quarter 2014
Apache averaged 12 operated rigs in the Gulf Coast Region, 11 rigs

4Q Production:
32,826 Boe/d
in the Eagle Ford area and one in South Louisiana. The 2015 Eagle

4Q Wells:
31 gross, 27 net
Ford rig program will be reduced to one rig as a result of lower

4Q Rigs:
Avg 12 rigs
corporate spending.
Full-Year 2014
The region drilled a total of 31 gross wells with 25 targeting the
30,343 Boe/d
Eagle Ford. At year-end, 44 gross wells were drilled and waiting on  2014 Production:

2014 Wells:
77 gross, 62 net
completion operations, including three wells that were actively

2014 Rigs:
Avg 9 rigs
being stimulated.
The previously announced sale of the South Louisiana properties
closed on December 31, 2014. The divested properties consisted of 90,000 net acres of non-core, mature fields
that were producing 21,500 Boe/d as of September 2014. Apache will retain 275,000 mineral acres associated with
the land.
APACHE GULF COAST REGION
11
GULF COAST (EAGLE FORD)(CONTINUED)
EAGLE FORD




During the fourth quarter Apache brought on eight wells in the Reveille area. Six of these wells were drilled from a
pad with 500-foot spacing tests. 30-day initial production rates averaged 709 Boe/d.
Two additional wells in the Reveille area, the Reveille 18 and 19, on average produced a 30-day rate of over 900
Boe/d.
Just north of the Reveille activity, in the Brazos Riverside area, two additional wells were drilled and completed,
the Grant #1H and #2H. These wells tested at initial production rates exceeding 1,200 Boe/d and produced at 30day average rates of approximately 730 Boe/d. The Grant wells were unique in that they produced significant oil
and liquids cuts, with the production stream consisting of more than 80 percent crude oil and 95 percent liquids.
Additional pad drilling activity took place in Ferguson Crossing, at Remington and in Lee County.
EAGLE FORD WELL HIGHLIGHTS
Fourth-Quarter 2014
PLAY/TARGET
Eagle Ford (Area B)
WELL NAME
TVD
Lateral Length
IP (30-Day) (% Oil)
Reveille #18
9,348’
6,636’
927 Boe/d (59%)
Reveille #19
9,413’
4,906’
888 Boe/d (54%)
Reveille #22
9,179’
7,680’
807 Boe/d (68%)*
Grant Unit #4H
9,208’
7,123’
Grant Unit #3H
9,223’
7,538’
1,018 Boe/d (78%)*
) (77%)
864 Boe/d
Grant Unit #2H
8,641’
5,921’
819 Boe/d (82%)
Grant Unit #1H
8,634’
5,920’
642 Boe/d (81%)
*Indicates less than 30-day test period.
12
Canada






Fourth-quarter 2014 production, which includes Kitimat upstream
production, averaged 72,312 Boe/d.
Apache averaged seven drilling rigs during the fourth quarter and
drilled a total of 14 net wells.
During the quarter, Apache drilled a two-well pad in the Montney
formation, which it expects to test in the first quarter of 2015.
Apache continued batch drilling of its first seven-well Duvernay pad,
the final well of the pad is expected to reach TD in 1Q 2015.
The recently announced sale of the Kitimat LNG and related
upstream properties is expected to close in 1Q 2015.
In March, Apache will release its last drilling rig in Canada and does
not plan any further drilling in 2015.
CANADA KEY STATS*






Fourth-Quarter 2014
4Q Production:
72,312 Boe/d
4Q Wells:
15 gross, 14 net
4Q Rigs:
Avg 7 rigs
2014 Production:
2014 Wells:
2014 Rigs:
APACHE CANADA REGION
ACREAGE AND KEY ASSETS
*Includes Kitimat Upstream.
13
Full-Year 2014
77,569 Boe/d
106 gross, 88 net
Avg 8 rigs
INTERNATIONAL
North Sea




Fourth-quarter 2014 production in the North Sea was 80,806 Boe/d,
up 24 percent from the third-quarter 2014 due to a successful
drilling program, “best in class” production efficiency, and recovery
from third-quarter annual maintenance. Production of 80,806 Boe/d
is the highest quarterly production rate in Apache North Sea history.
During the fourth quarter, the region operated an average of six
drilling rigs and drilled five net wells with a 100 percent success rate.
Two of those wells are waiting on completion and will come on
production early 2015.
 In Forties, the T75 well encountered 144 feet of net oil pay in
the Bravo channel and achieved an initial 30-day production
rate of 3,564 Bo/d. This is the thickest net pay drilled by
Apache in the Forties field to date.
 The second well, at the Forties Alpha Satellite Platform (FASP),
T52, encountered 68 feet of net oil pay and achieved an initial
30 day production rate of 3,318 Bo/d.
Two semi-submersible rigs, the Ocean Patriot and WilPhoenix, will
be deployed in the greater Beryl area during 2015 and will drill
three wells each.
The UK government is reviewing the fiscal regime to encourage
investment in the basin. In the fourth-quarter 2014, the cluster
allowance was introduced to provide tax relief for high pressure,
high temperature fields along with a 2 percent reduction in overall
tax rates.
14
NORTH SEA KEY STATS






Fourth-Quarter 2014
4Q Production:
80,806 Boe/d
4Q Wells:
6 gross, 5 net
4Q Rigs:
Avg 6 rigs
2014 Production:
2014 Wells:
2014 Rigs:
Full-Year 2014
71,419 Boe/d
22 gross, 19 net
Avg 5 rigs
APACHE NORTH SEA REGION
ACREAGE AND KEY PROJECTS
North Sea (Continued)
NORTH SEA WELL HIGHLIGHTS
Fourth-Quarter 2014
PLAY/TARGET
Forties
WELL NAME
IP (30-Day) (% Oil)
FA4-1 (T75)
3,564 Bo/d (100%)
FASP17 (T52)
3,318 Bo/d (100%)
15
Egypt


Fourth-quarter gross production averaged 344,122 Boe/d,
EGYPT KEY STATS*
unchanged from the previous quarter. Increased liquids
Fourth-Quarter 2014
production occurred in the Faghur Basin and the Alamein Basin

4Q Gross Production:
344,122 Boe/d
Liquids:
200,898 Bo/d
as a result of successful new completions, recompletions and
Gas:
859,345 Mcf/d
pump upgrades. Natural gas production declined during the

4Q Wells:
63 gross, 58 net
fourth quarter due to three partial shutdowns at the Shell
4Q Rigs:
Avg 27 rigs
operated Obaiyed Gas Plant.
Apache continued its active exploration program and appraisal
Full-Year 2014
drilling campaign during the fourth quarter.

2014 Gross Production:
348,401 Boe/d
Liquids:
199,267 Bo/d
 In the Khalda area, ten exploration wells reached total
Gas:
894,802 Mcf/d
depth with six classified as discoveries. The Ptah-1X and the

2014 Wells:
220 gross, 195 net
Berenice-1X discovery are two of the potentially largest oil

2014 Rigs:
Avg 27 rigs
discoveries in recent Western Desert drilling.
 At the end of the fourth quarter, five wildcats were drilling
across Khalda-operated properties in the Shushan, Matruh and Abu Gharadig Basins.
FAGHUR BASIN


The Berenice-1X prospect drilled a 1,000-acre, fault trap with 100 to 200 feet of closure at multiple objective
levels. The well reached a total depth of 14,100 feet in the Paleozoic Basur formation and encountered oil pay in
the AEB-3 and Safa formations. Production began in November 2014 with daily oil rates holding steady at more
than 3,400 Bo/d with a well-head flowing pressure of 900 psi.
Berenice-1X was successfully appraised with the Berenice-2 well in the AEB-6 formation.
SHUSHAN BASIN

A significant discovery was made by the Ptah-1X in the Shushan Basin that targeted a separate culmination along
the same Berenice fault block. The well encountered significant pay in the AEB-3E and Paleozoic Shifah formations.
The Ptah-1X began producing from the Paleozoic on a restricted choke at a rate of over 2,100 Bo/d.
*Includes noncontrolling interest.
16
Egypt (Continued)
EGYPT WELL HIGHLIGHTS
Fourth-Quarter 2014
BASIN
Faghur
Shushan
Alamein
Abu Gharadig
WELL NAME
PLAY / TARGET
IP (30-Day) (% Oil)
WKAL-T-02
Safa
1,576 Boe/d (93%)
Buchis-W-04
AEB-3D
3,090 Boe/d (100%)
Berenice-01X
AEB-3E
3,430 Boe/d (97%)
Siwa-3-R3
Paleozoic
2,488 Boe/d (100%)
Ptah-01X
Shifa
2,500 Boe/d (84%)
NRZK-14
AEB-U1
1,715 Boe/d (100%)
ERZK-127
L. BAH
3,281 Boe/d (97%)
NRZK-15
Alamein Dolomite
3,738 Boe/d (100%)
Shadow 4H
A/R D Limestone
1,609 Boe/d (92%)
APACHE EGYPT REGION
ACREAGE AND KEY BASINS
17
Egypt (Continued)
EGYPT PRODUCTION DETAIL
4Q 2014*
Liquids
(Bbls/d)
Gas
(Mcf/d)
200,898
Apache Share
3Q 2014*
Boe/d
Liquids
(Bbls/d)
Gas
(Mcf/d)
Boe/d
859,345
344,122
197,143
891,392
345,708
58,608
238,453
98,350
58,782
250,818
100,585
Noncontrolling Interest
29,670
119,578
49,600
29,443
127,020
50,613
Total Net Production With Tax
88,278
358,031
147,950
88,225
377,838
151,198
43.9%
41.7%
43.0%
44.8%
42.4%
43.7%
13,507
56,552
22,932
21,107
87,747
35,731
Apache Share
49,834
201,475
83,414
44,749
192,484
76,830
Noncontrolling Interest
24,937
100,004
41,604
22,369
97,607
38,637
74,771
301,479
125,018
67,118
290,091
115,467
37.2%
35.1%
36.3%
34.0%
32.5%
33.4%
Gross Production
Net Production With Tax:
% of Gross
Total Tax Barrels
Net Production Without Tax:
Total Net Production Without Tax
% of Gross
*Average benchmark Brent price was $76.77 in the 4Q 2014 and $103.41 in the 3Q 2014.
18
Australia


Fourth-quarter 2014 production averaged 66,625 Boe/d, up 20
percent from third quarter 2014 as a result of the start-up of
the Balnaves oil development and spot gas sales through the
John Brookes facility.
During the quarter, Apache operated one semi-submersible
drilling rig completing the majority of the remaining work scope
at the Coniston oil development.
NINGALOO VISION UPGRADE PROJECT AND
CONISTON DEVELOPMENT (52.5 PERCENT APA)



AUSTRALIA KEY STATS






Fourth-Quarter 2014
4Q Production:
66,625 Boe/d
4Q Wells:
2 gross, 2 net
4Q Rigs:
Avg 1 rig
2014 Production:
2014 Wells:
2014 Rigs:
Full-Year 2014
56,193 Boe/d
12 gross, 6 net
Avg 2 rigs
Drilling on the Coniston oil development continued during the
fourth quarter with the completion of its two final bi-lateral development wells and partial completion of the final
tri-lateral well.
Scheduled maintenance and upgrade work continued during the fourth quarter on the Ningaloo Vision FPSO, with
the vessel moving from the shipyard dry-dock to wet berth.
Resumption of oil production from the Van Gogh field and first oil from Coniston is expected in the 2Q 2015.
APACHE AUSTRALIA REGION
ACREAGE AND KEY PROJECTS
19
Supplementary Financial Data
Oil and Gas Capital Investment
4Q14
(1)
YTD 2014
(1)
E&P and GTP Investment:
Permian ..........................................................................................................................................................................................................................
$
779 $
3,135
Central ............................................................................................................................................................................................................................
310
1,485
Gulf Coast .......................................................................................................................................................................................................................
306
828
Canada ............................................................................................................................................................................................................................
307
741
N.A. Onshore ...........................................................................................................................................................................................................
1,702
6,189
Gulf of Mexico ................................................................................................................................................................................................................
(7)
240
Other ..............................................................................................................................................................................................................................
(4)
(10)
North America .........................................................................................................................................................................................................
1,691
6,419
(2)
Egypt (Apache's interest only) ....................................................................................................................................................................................
240
913
Australia..........................................................................................................................................................................................................................
185
607
North Sea ........................................................................................................................................................................................................................
248
1,034
Other ..............................................................................................................................................................................................................................
8
1
$
2,372 $
8,974
Leasehold and Property Acquisitions:
North America ................................................................................................................................................................................................................
$
835 $
1,462
(2)
International ...............................................................................................................................................................................................................
2
25
$
837 $
1,487
Wheatstone & Kitimat Investment:
Wheatstone ....................................................................................................................................................................................................................
$
267 $
1,146
(3)
Kitimat ........................................................................................................................................................................................................................
126
615
$
393 $
1,761
(1)
Fourth-quarter and YTD 2014 adjustments to total Costs Incurred and GTP Capital Investments:

Includes capitalized G&A expense of $82 million and $373 million, respectively.

Excludes capitalized interest of $93 million and $363, respectively.

Excludes year-to-date Argentina discontinued operations of $16 million.
(2)
Fourth quarter and YTD 2014 excludes noncontrolling interest share in Egypt of $121 million and $460 million, respectively.
(3)
Fourth quarter and YTD 2014 includes Pacific Trail Pipelines equity method investment of $33 million and $77 million, respectively, for Kitimat.
20
Year over Year Net Debt Reconciliation
2013 to 2014
$25,000
$1,492
$218
$607
$3,878
$1,864
$20,000
$8,603
$1,761
$9,196
$15,000
$10,476
$3,100
$10,000
$7,819
$7,376
$5,000
$0
Net Debt
E&P and LNG Capex
12/31/13* GTP Capex
Share
Buyback
Leasehold & Dividends &
Property
Other
Acquisitions
*Net debt equals total debt less restricted and unrestricted cash.
** Net of estimated $560 overall foreign loss (OFL) payment.
.
21
Working
Capital
Asset Sales
Cash Flow
From Ops
Net Debt
12/31/14*
Est. Q1
Proceeds
From LNG
Sales**
Pro Forma
Net Debt
12/31/14
2015 Production Guidance
400
40%
Oil
358
56
41%
43%
Oil
Oil
45%
Oil
MBOE/D
302
Region
Production
Guidance
Gulf Coast

Permian

Central

Canada

2014 Reported Property Sales* 2014 Adjusted
2015 E
*Includes volumes related to GOM Shelf, Canada, South Texas, South Louisiana and Anadarko Basin Sales.
61%
Oil
300
289
International & GOM
82
GOM
41%
60%
Oil
Oil
60%
Oil
N. Sea
MBOE/D
207
GOM
GOM
Australia
N. Sea
Region
N. Sea
Australia
Production
Guidance
Egypt Gross
Egypt Net


Australia

North Sea

GOM

Australia
Egypt
Egypt
Egypt
-
2014
Adjustments*
2014 Adjusted
*Includes volumes related to minority interest partner and tax barrels in Egypt and asset sales in Australia and North Sea.
22
2015 E

Operations Supplement

Transcription

Similar documents

Second-quarter 2014 operations supplement

Operations Supplement

Third-quarter 2013 operations supplement

Q2 2015 Newsletter

1Q14 Earnings Supplement

Sam Chapman, Transportation Technology Center Inc

Sales Tax Update The

December CALENDAR OF EVENTS

view presentation in PDF format.

Incubating Open Source Communities

amador water agency lake camanche ground water supply study

We Are the Company to Choose

Tiffany Adkins 2013 HHS Football Queen

Conference Program

A Catalog of Successful Programs

A TEST OF

Integrative Nutrition

Shaping with a Router - MetosExpo

Click here to

the Campus Catalog

Vatterott College CourSe Catalog

Summer 1984 - Quarterly Review