Apache Corporation announced a third-quarter 2015 net loss of $5.7 billion, or $14.95 per diluted common share.
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This includes an after-tax ceiling test write down of $3.7 billion resulting from current low commodity price levels and a $1.5 billion charge related to an increase in the valuation allowance on deferred tax assets.
When adjusted for these and certain additional items that impact the comparability of results, Apache's third-quarter net loss totaled $21 million, or $0.05 per share. Net cash provided by continuing operating activities was approximately $835 million and adjusted EBITDA from continuing operations was $830 million.
After paying down $900 million of long-term debt in the third quarter, the company reported debt of $8.8 billion as of September 30, 2015. Apache has no maturities before 2018 and only $700 million of debt maturing before 2021.
The company has access to available liquidity of more than $5 billion, including cash on hand and available borrowing capacity under its committed credit facility of $3.5 billion. The credit facility matures in June 2020 and supports a commercial paper program of the same size.
Since the end of the third quarter, Apache has signed agreements to sell certain non-upstream assets for cash proceeds of approximately $500 million, further strengthening the company's cash position and financial flexibility.
Apache's financial strength and liquidity are sustained through disciplined capital budgeting. The 2015 capital program has been significantly reduced from 2014 levels.
Capital expenditures in the third quarter (excluding leasehold acquisitions, capitalized interest, Egypt noncontrolling interest, and spending on divested LNG and associated assets) were $762 million, down 16 percent from the second quarter.
For the first nine months of the year, they totaled $2.9 billion, and the company remains on track to spend within its guidance range.
Apache operated an average of 28 rigs worldwide and drilled 111 gross operated wells, 92 of which were North American onshore. ■