Apache Corp. (APA, Financial) filed Quarterly Report for the period ended 2012-06-30.
Apache Corporation has a market cap of $33.16 billion; its shares were traded at around $88.08 with a P/E ratio of 7.7 and P/S ratio of 2. The dividend yield of Apache Corporation stocks is 0.8%. Apache Corporation had an annual average earning growth of 15.3% over the past 10 years. GuruFocus rated Apache Corporation the business predictability rank of 2.5-star.
Crude Oil Revenues Crude oil revenues for the second quarter of 2012 totaled $3.1 billion, a $188 million decrease from the comparative 2011 quarter, primarily the result of an eight-percent decrease in average realized prices. Crude oil accounted for 78 percent of oil and gas production revenues and 45 percent of worldwide production in the second quarter of 2012. Lower realized prices reduced second-quarter 2012 revenues by $267 million compared to the prior-year quarter, while higher production volumes contributed $79 million.
Natural Gas Revenues Gas revenues for the second quarter of 2012 totaled $740 million, down 21 percent from the second quarter of 2011. A two-percent increase in average production added $14 million to natural gas revenues as compared to the prior-year quarter, while a 23-percent decline in average realized prices decreased revenues by $212 million. Natural gas accounted for 19 percent of our oil and gas production revenues and 50 percent of our equivalent production. As a whole our international regions, which contribute approximately one-third of our worldwide gas production, benefitted from higher realized prices as compared to the prior-year quarter.
Crude Oil Revenues Crude oil revenues for the first half of 2012 totaled $6.6 billion, $432 million higher than the comparative 2011 period, the result of a two-percent increase in average realized prices and a four-percent increase in worldwide production. Crude oil accounted for 78 percent of oil and gas production revenues and 45 percent of worldwide production, compared with 75 percent and 45 percent, respectively, in the 2011 period. Higher realized prices added $137 million to the increase in revenues compared to the first half of 2012, while higher production volumes contributed an additional $295 million.
Net cash provided by operating activities for the first six months of 2012 totaled $4.8 billion, up $75 million from the first six months of 2011. The increase reflects the impact of higher oil and gas revenues (up $180 million), with a four-percent increase in daily equivalent production adding approximately $397 million and lower realized commodity prices reducing revenues by $217 million. Also impacting operating cash flows was a change in working capital during the first six months of 2012.
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Apache Corporation has a market cap of $33.16 billion; its shares were traded at around $88.08 with a P/E ratio of 7.7 and P/S ratio of 2. The dividend yield of Apache Corporation stocks is 0.8%. Apache Corporation had an annual average earning growth of 15.3% over the past 10 years. GuruFocus rated Apache Corporation the business predictability rank of 2.5-star.
Highlight of Business Operations:
Earnings totaled $337 million, or $0.86 per diluted common share, in the second quarter of 2012, compared with $1.2 billion, or $3.17 per share, in the second quarter of 2011. Earnings for the first half of 2012 totaled $1.1 billion, or $2.86 per diluted share. These earnings reflect the impact of non-cash after-tax write-downs of the carrying value of our Canadian proved oil and gas properties totaling $480 million and $390 million in the second and first quarters of 2012, respectively. For additional discussion on these write-downs, refer to Operating HighlightsDepreciation, Depletion and Amortization in this Item 2.Crude Oil Revenues Crude oil revenues for the second quarter of 2012 totaled $3.1 billion, a $188 million decrease from the comparative 2011 quarter, primarily the result of an eight-percent decrease in average realized prices. Crude oil accounted for 78 percent of oil and gas production revenues and 45 percent of worldwide production in the second quarter of 2012. Lower realized prices reduced second-quarter 2012 revenues by $267 million compared to the prior-year quarter, while higher production volumes contributed $79 million.
Natural Gas Revenues Gas revenues for the second quarter of 2012 totaled $740 million, down 21 percent from the second quarter of 2011. A two-percent increase in average production added $14 million to natural gas revenues as compared to the prior-year quarter, while a 23-percent decline in average realized prices decreased revenues by $212 million. Natural gas accounted for 19 percent of our oil and gas production revenues and 50 percent of our equivalent production. As a whole our international regions, which contribute approximately one-third of our worldwide gas production, benefitted from higher realized prices as compared to the prior-year quarter.
Crude Oil Revenues Crude oil revenues for the first half of 2012 totaled $6.6 billion, $432 million higher than the comparative 2011 period, the result of a two-percent increase in average realized prices and a four-percent increase in worldwide production. Crude oil accounted for 78 percent of oil and gas production revenues and 45 percent of worldwide production, compared with 75 percent and 45 percent, respectively, in the 2011 period. Higher realized prices added $137 million to the increase in revenues compared to the first half of 2012, while higher production volumes contributed an additional $295 million.
Net cash provided by operating activities for the first six months of 2012 totaled $4.8 billion, up $75 million from the first six months of 2011. The increase reflects the impact of higher oil and gas revenues (up $180 million), with a four-percent increase in daily equivalent production adding approximately $397 million and lower realized commodity prices reducing revenues by $217 million. Also impacting operating cash flows was a change in working capital during the first six months of 2012.
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