Page 142

APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. United States

Canada

Egypt(2) Australia (In millions)

2015 Cash inflows . . . . . . . . . . . . . . . . . . . . . . . Production costs . . . . . . . . . . . . . . . . . . . . Development costs . . . . . . . . . . . . . . . . . . Income tax expense . . . . . . . . . . . . . . . . .

$ 26,610 (12,178) (2,255) (63)

$ 7,345 (3,841) (1,939) -

$11,124 (2,185) (1,515) (2,326)

Net cash flows . . . . . . . . . . . . . . . . . . . . . 10 percent discount rate . . . . . . . . . . . . . .

12,114 (6,876)

1,565 (868)

5,098 (1,330)

Discounted future net cash flows(1) . . . . .

$ 5,238

$

2014 Cash inflows . . . . . . . . . . . . . . . . . . . . . . . Production costs . . . . . . . . . . . . . . . . . . . . Development costs . . . . . . . . . . . . . . . . . . Income tax expense . . . . . . . . . . . . . . . . .

$ 73,859 (25,875) (4,422) (10,657)

Net cash flows . . . . . . . . . . . . . . . . . . . . . 10 percent discount rate . . . . . . . . . . . . . .

32,905 (17,639)

Discounted future net cash flows(1) . . . . .

$ 15,266

697

$

-

North Sea

Total(2)

$ 6,994 (3,209) (2,346) (691)

$ 52,073 (21,413) (8,055) (3,080)

$

$18,966 (7,537) (2,453) (1,070)

$16,802 (2,924) (1,683) (4,091)

$19,391 (4,105) (1,173) (3,202)

$13,916 (7,121) (2,776) (2,445)

$142,934 (47,562) (12,507) (21,465)

7,906 (3,983)

8,104 (2,099)

10,911 (5,875)

1,574 (146)

61,400 (29,742)

$ 6,005

$ 5,036

$

891

19,525 (8,931)

$ 3,768

$ 3,923

-

748 143

$ 1,428

$ 10,594

$ 31,658

(1)

Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $13.1 billion and $43.0 billion as of December 31, 2015 and 2014, respectively.

(2)

Includes discounted future net cash flows of approximately $1.3 billion and $2.0 billion in 2015 and 2014, respectively, attributable to a noncontrolling interest in Egypt.

F-60

Apache 2015 Summary Annual Report  

Adapting to a changing environment

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