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Apache also completed leasehold and property acquisitions totaling $367 million during 2015, compared with $1.5 billion in 2014. Our acquisition investments continued to focus on adding new leasehold positions to our North American onshore portfolio. Shares Repurchased Apache’s Board of Directors has authorized the purchase of up to 40 million shares of the Company’s common stock. Shares may be purchased either in the open market or through privately held negotiated transactions. The Company initiated the buyback program on June 10, 2013, and through December 31, 2014, had repurchased a total of 32.2 million shares at an average price of $88.96 per share. The Company has not purchased any additional shares during 2015 and is not obligated to acquire any specific number of shares. Dividends The Company has paid cash dividends on its common stock for 51 consecutive years through 2015. Future dividend payments will depend on the Company’s level of earnings, financial requirements, and other relevant factors. Common stock dividends paid during 2015 totaled $377 million, compared with $365 million in 2014 and $303 million in 2013. The Company paid dividends on its Series D Preferred Stock totaling $57 million in 2013. The preferred stock was converted to common stock in August 2013. Liquidity At December 31, 2015 2014 (In millions, except percentages)

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Available committed borrowing capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Floating-rate debt/total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,467 8,778 4,228 3,500 0%

$

769 11,245 28,137 3,730 14%

Cash and Cash Equivalents At December 31, 2015, we had $1.5 billion in cash and cash equivalents, of which $1.1 billion of cash was held by foreign subsidiaries, and approximately $382 million was held by Apache Corporation and U.S. subsidiaries. The cash held by foreign subsidiaries should not be subject to additional U.S. income taxes if repatriated. The majority of the cash is invested in highly liquid, investment-grade securities with maturities of three months or less at the time of purchase. Debt At December 31, 2015, outstanding debt, which consisted of notes and debentures, totaled $8.8 billion. We have $550 million maturing in 2018, $150 million maturing in 2019, and the remaining $8.1 billion maturing in years 2021 through 2096. At December 31, 2015, we had $416,000 of notes due June 2016 classified as current debt on the consolidated balance sheet. In September 2015, the Company fully redeemed its $500 million 5.625% notes due in 2017 and its $400 million 1.75% notes due in 2017. The notes were redeemed pursuant to the provisions of each respective note’s indenture. Apache paid the holders an aggregate of $939 million in cash reflecting principal and the premium to par, and an additional $8 million in accrued and unpaid interest. Available Credit Facilities In June 2015, the Company entered into a five-year revolving credit facility which matures in June 2020, subject to Apache’s two, one-year extension options. The facility provides for aggregate commitments of $3.5 billion (including a $750 million letter of credit subfacility), with rights to increase commitments up to an 47


Apache 2015 Summary Annual Report