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APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Upon closing of the sale of substantially all Australian operations, the associated results of operations for the divested Australian assets and the losses on disposal were classified as discontinued operations in the Company’s financial statements for all periods presented. The carrying amounts of the major classes of consolidated assets and liabilities associated with the Australia dispositions were as follows: December 31, 2014 (In millions)

ASSETS Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil and gas assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GTP and other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset retirement obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-current deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,992 5,639 877

$

8,508

$

606 517 922 33

$

2,078

Sales and other operating revenues and loss from discontinued operations related to the Australia dispositions were as follows: For the Year Ended December 31, 2015 2014 2013 (In millions)

Revenues and other from discontinued operations . . . . . . . . . . . . . . . . . $

288

Loss on Woodside sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Loss on Consortium sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (loss) from divested Australian operations . . . . . . . . . . . . . . . . . Income tax benefit (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(922) (1,329) 24 1,456

Income (loss) from Australian discontinued operations, net of tax . . . . . $

(771)

$ 1,050

$

1,121

$

(97) (974)

$

496 4

$(1,071)

$

500

2014 Activity Anadarko Basin and Southern Louisiana Divestitures In December 2014, Apache completed the sale of certain Anadarko basin and non-core southern Louisiana oil and gas assets for approximately $1.3 billion in two separate transactions. In the Anadarko basin, Apache sold approximately 115,000 net acres in Wheeler County, Texas, and western Oklahoma. In southern Louisiana, Apache sold its working interest in approximately 90,000 net acres. The effective date of both of these transactions is October 1, 2014. Apache’s net book value of oil and gas properties was reduced by approximately $1.2 billion of proved property costs as a result of the transactions. Approximately $72 million of proceeds were allocated to the GTP facilities, resulting in a loss on disposal of assets totaling $180 million ($116 million net of tax). F-19

Apache 2015 Summary Annual Report  

Adapting to a changing environment

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