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commodity price movements throughout the year. Our budgeted amounts exclude expenditures attributable to a one-third non-controlling interest in Egypt. Our capital budget for 2016 has been, and will be, allocated on a prioritized basis as follows: (i) maintain assets and keeping them running efficiently and preserve mineral rights and leases, (ii) further optimize and build high quality inventory for the future, (iii) conduct certain mediumcycle, high impact exploration activities, and (iv) conduct limited-scale development activities that remain economically robust at these low prices. In addition, we will continue our overhead and LOE cost reduction efforts in order to position Apache for an extended low commodity price environment. We believe the liquidity and capital resource alternatives available to Apache, combined with proactive measures to adjust our capital budget to reflect lower commodity prices and anticipated operating cash flows, will be adequate to fund short-term and long-term operations, including our capital spending program, repayment of debt maturities, payment of dividends, and any amount that may ultimately be paid in connection with commitments and contingencies. For additional information, please see Part I, Items 1 and 2—Business and Properties and Part I, Item 1A— Risk Factors of this Form 10-K. Sources and Uses of Cash The following table presents the sources and uses of our cash and cash equivalents for the years presented: For the Year Ended December 31, 2015 2014 2013 (In millions)

Sources of Cash and Cash Equivalents: Net cash provided by continuing operating activities . . . . . . . . . . Proceeds from Australian divestitures . . . . . . . . . . . . . . . . . . . . . . Net cash provided by Argentina discontinued operations . . . . . . . Proceeds from asset divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from sale of Egypt noncontrolling interest . . . . . . . . . . . Commercial paper and bank loan borrowings, net . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

2,834 5,084 1,122 59

$

9,099 Uses of Cash and Cash Equivalents: Capital expenditures(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leasehold and property acquisitions . . . . . . . . . . . . . . . . . . . . . . . Net cash used by Australia discontinued operations . . . . . . . . . . . Commercial paper, credit facility and bank loan repayments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payments on fixed-rate debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distributions to noncontrolling interest . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . (1)

$

$

4,811 367 208

7,517 788 3,092 1,568 -

$

12,965 $

9,903 1,475 105

8,685 18 4,405 2,948 16,056

$

9,127 429 732

1,570 939 377 129 -

1,864 365 140 250

509 2,072 997 360 84

8,401

14,102

14,310

698

$

(1,137)

$

1,746

The table presents capital expenditures on a cash basis; therefore, the amounts differ from those discussed elsewhere in this document, which include accruals.

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Apache 2015 Summary Annual Report