Market Cap Enterprise Value

APA Corp 34343 5464557

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Company Name APC Corporation
Ticker APA
Year End 12/31/2022
Scenario Weak

Income Statement
Balance Sheet
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

REVENUES AND OTHER:

Oil, natural gas, and natural gas liquids production revenues 4,037 6,498 9,220 10039 10907 11851 12878 13995
Purchased oil and gas sales 398 1,487 1,855 1,855 1,855 1,855 1,855 1,855
Total revenues 4,435 7,985 11,075 11,894 12,762 13,706 14,733 15,850
Derivative instrument gains (losses), net -223 94 -114 0 0 0 0 0
Gain on divestitures, net 32 67 1,180 0 0 0 0 0
Losses on previously sold Gulf of Mexico properties 0 -446 -157 0 0 0 0 0
Other, net 64 228 148 0 0 0 0 0
4,308 7,928 12,132 11,894 12,762 13,706 14,733 15,850
OPERATING EXPENSES:
Lease operating expenses 1,127 1,241 1,444 1506 1636 1778 1932 2099
Gathering, processing, and transmission 274 264 367 330 342 354 367 381
Purchased oil and gas costs 357 1,580 1,776 1781 1781 1781 1781 1781
Taxes other than income 123 204 268 301 327 356 386 420
Exploration 274 155 305 201 218 237 258 280
General and administrative 290 376 483 502 545 593 644 700
Transaction, reorganization, and separation 54 22 26 0 0 0 0 0
Depreciation, depletion, and amortization 1,772 1,360 1,233 1359 1409 1460 1513 1569
Asset retirement obligation accretion 109 113 117 120 125 129 134 139
Impairments 4,501 208 0 0 0 0 0 0
Financing costs, net 267 514 379 194.94 64.37 29.85 29.85 29.85
Total Exp 9,148 6,037 6,398 6,295 6,447 6,717 7,045 7,398

NET INCOME (LOSS) BEFORE INCOME TAXES -4,840 1,891 5,734 5,599 6,315 6,989 7,688 8,451
Current income tax provision 176 652 1,507 1680 1894 2097 2306 2535
Deferred income tax provision (benefit) -112 -74 145 0 0 0 0 0
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS -4,904 1,313 4,082 3,919 4,420 4,892 5,381 5,916
Net income (loss) attributable to noncontrolling interest - Egypt -121 174 464 464 464 464 464 464
Net income attributable to noncontrolling interest - Altus 1 4 14 0 0 0 0 0
Net income (loss) attributable to Altus Preferred Unit limited partners 76 162 -70 0 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK -4,860 973 3,674 3,455 3,956 4,428 4,917 5,452
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

CURRENT ASSETS:
Cash and cash equivalents ($132 related to Altus VIE) 302 245 119 2,726 6,996 11,622 16,635
Receivables, net of allowance of $117 and $109 1,394 1,466 1546 1659 1782 1915 2060
Inventory 473 427 470 490 512 536 562
Other current assets 211 570 570 570 570 570 570
Total CA 2,380 2,708 2,705 5,445 9,861 14,644 19,827

PROPERTY AND EQUIPMENT:

Oil and gas, on the basis of successful efforts accounting: 40,749 42,356
Gathering, processing, and transmission facilities ($209 related to Altus VIE) 673 449
Other ($3 related to Altus VIE) 1,126 613
Less: Accumulated depreciation, depletion, and amortization ($25 related to Altus VIE) -34,213 -34,406
Net PP&E 8,335 9,012 9,460 10,015 10,688 11,492 12,443

OTHER ASSETS:
Equity method interests 1,365 624 624 624 624 624 624
Decommissioning security for sold Gulf of Mexico properties 640 217 217 217 217 217 217
Deferred charges and other ($6 related to Altus VIE) 583 586 586 586 586 586 586
Total Assets 13,303 13,147 13,592 16,887 21,975 27,563 33,696

CURRENT LIABILITIES:
Accounts payable ($12 related to Altus VIE) 731 771 744 776 811 849 889
Current debt 215 2 0 0 0 0 0
Other current liabilities 1,171 2,143 2,143 2,143 2,143 2,143 2,143
2,117 2,916 2,887 2,919 2,954 2,992 3,032

LONG-TERM DEBT 7,295 5,451 1857.2754 545 545 545 545

Income taxes 148 314 314 314 314 314 314

Asset retirement obligation ($68 related to Altus VIE) 2,089 1,940 2,060 2,185 2,315 2,449 2,588
Decommissioning contingency for sold Gulf of Mexico properties 1,086 738 738 738 738 738 738
Other ($67 related to Altus VIE) 573 443 443 443 443 443 443
3,896 3,435 3,555 3,680 3,810 3,944 4,083

REDEEMABLE NONCONTROLLING INTEREST 712 0 0 0 0 0 0

Common stock, $0.625 par, 860,000,000 shares 262 262 262 262 262 262 262
Paid-in capital 11,645 11,420 11,448 11,478 11,510 11,545 11,582
Accumulated deficit -9,488 -5,814 -2,359 1,597 6,026 10,943 16,395
Treasury stock, at cost, 108,310,838 and 72,147,841 -4,036 -5,459 -5,459 -5,459 -5,459 -5,459 -5,459
Accumulated other comprehensive income 22 14 14 14 14 14 14
APA SHAREHOLDERS’ EQUITY (DEFICIT) -1,595 423 3,906 7,892 12,353 17,305 22,794
Noncontrolling interest - Egypt 820 922 1386 1850 2314 2778 3242
Noncontrolling interest - Altus 58 0 0 0 0 0 0
TOTAL EQUITY (DEFICIT) -717 1,345 5,292 9,742 14,667 20,083 26,036
TL & Equity 13,303 13,147 13,592 16,887 21,975 27,563 33,696

Balance Check 0 0 0 0 0 0 0
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

PAT 3,919 4,420 4,892 5,381 5,916

DD&A 1359 1409 1460 1513 1569
SBC 23 21 26 28 30 32 35 37
Asser Retirement Obligation 120 125 129 134 139
Change in AR -80 -113 -123 -133 -145
Change in Inventory -43 -20 -22 -24 -26
Change in Other CA 0 0 0 0 0
Change in AP -27 32 35 38 41
Others CL 0 0 0 0 0
Cash Flow from Operations: 5,277 5,883 6,404 6,944 7,531

CapEx on PP&E -1807 -1963 -2133 -2318 -2519

Others 0 0 0 0 0
Cash From Invstments: -1807 -1963 -2133 -2318 -2519

Dividend Paid 0 0 0 0 0
Equity Issue 0 0 0 0 0
Equity Buyback 0 0 0 0 0
Options Proceeds 0 0 0 0 0
Borrowing / Paydown -3596 -1312 0 0 0
Cash From Financing: -3595.725 -1312.275 0 0 0

Surplus / Deficit -126 2,607 4,271 4,626 5,012

Opening Cash Balance 245 118.93659 2725.9216 6996.4958 11622.45121
Closing Cash 119 2,726 6,996 11,622 16,635
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

Free Cash Before Debt: 3,470 3,919 4,271 4,626 5,012

Add: Opening Cash Balance 245 118.936593 2725.9215686 6996.4957561 11622.4512096434
Less: Minimum Cash Balance 1% -119 -128 -137 -147 -158
Free Cash For Debt: 3,596 3,911 6,859 11,475 16,476

Opening Debt

Bank Borrowings 0 0 0 0 0

Notes 3.25% 2022 0 0.00 0 0 0

Notes 2.63% 2023 0 0 0 0 0
Notes 4.63% 2025 51 0 0 0 0
Notes 7.70% 2026 78 0 0 0 0
Notes 7.95% 2026 132 0 0 0 0
Notes 4.88% 2027 108 0 0 0 0
Notes 4.38% 2028 325 0 0 0 0
Notes 7.75% 2029 235 0 0 0 0
Notes 4.25% 2030 579 0 0 0 0
Notes 6.00% 2037 443 0 0 0 0
Notes 5.10% 2040 1,333 0 0 0 0
Notes 5.25% 2042 399 87.27542 0 0 0
Notes 4.75% 2043 428 428 0 0 0
Notes 4.25% 2044 221 221 0 0 0
Debentures 7.38% 2047 150 150 0 0 0
Notes 5.35% 2049 387 387 0 0 0
Debentures 7.63% 2096 39 39 0 0 0
Others 545 545 545 545 545

Change in Debt

Bank Borrowings 0 0 0 0 0

1 Notes 3.25% 2022 0 0 0 0 0

1 Notes 2.63% 2023 0 0 0 0 0
1 Notes 4.63% 2025 -51 0 0 0 0
1 Notes 7.70% 2026 -78 0 0 0 0
1 Notes 7.95% 2026 -132 0 0 0 0
1 Notes 4.88% 2027 -108 0 0 0 0
1 Notes 4.38% 2028 -325 0 0 0 0
1 Notes 7.75% 2029 -235 0 0 0 0
1 Notes 4.25% 2030 -579 0 0 0 0
1 Notes 6.00% 2037 -443 0 0 0 0
1 Notes 5.10% 2040 -1333 0 0 0 0
1 Notes 5.25% 2042 -312 -87 0 0 0
1 Notes 4.75% 2043 0 -428 0 0 0
1 Notes 4.25% 2044 0 -221 0 0 0
1 Debentures 7.38% 2047 0 -150 0 0 0
1 Notes 5.35% 2049 0 -387 0 0 0
1 Debentures 7.63% 2096 0 -39 0 0 0
1 Others

Closing Debt

Bank Borrowings 0 0 0 0 0 0

Notes 3.25% 2022 0 0.00 0 0 0 0

Notes 2.63% 2023 0 0 0 0 0 0
Notes 4.63% 2025 51 0 0 0 0 0
Notes 7.70% 2026 78 0 0 0 0 0
Notes 7.95% 2026 132 0 0 0 0 0
Notes 4.88% 2027 108 0 0 0 0 0
Notes 4.38% 2028 325 0 0 0 0 0
Notes 7.75% 2029 235 0 0 0 0 0
Notes 4.25% 2030 579 0 0 0 0 0
Notes 6.00% 2037 443 0 0 0 0 0
Notes 5.10% 2040 1,333 0 0 0 0 0
Notes 5.25% 2042 399 87.27542 0 0 0 0
Notes 4.75% 2043 428 428 0 0 0 0
Notes 4.25% 2044 221 221 0 0 0 0
Debentures 7.38% 2047 150 150 0 0 0 0
Notes 5.35% 2049 387 387 0 0 0 0
Debentures 7.63% 2096 39 39 0 0 0 0
Others 5.48% 545 545 545 545 545 545
Total Debt 5453 1857.2754 545 545 545 545
Current Debt 2 0 0 0 0 0
LT Term Debt 5451 1857.2754 545 545 545 545

Int Exp
Notes 0.00 0.00 0.00 0.00 0.00
Notes 0.00 0.00 0.00 0.00 0.00
Notes 1.18 0.00 0.00 0.00 0.00
Notes 3.00 0.00 0.00 0.00 0.00
Notes 5.25 0.00 0.00 0.00 0.00
Notes 2.63 0.00 0.00 0.00 0.00
Notes 7.11 0.00 0.00 0.00 0.00
Notes 9.11 0.00 0.00 0.00 0.00
Notes 12.30 0.00 0.00 0.00 0.00
Notes 13.29 0.00 0.00 0.00 0.00
Notes 33.99 0.00 0.00 0.00 0.00
Notes 12.76 2.29 0.00 0.00 0.00
Notes 20.33 10.17 0.00 0.00 0.00
Notes 9.39 4.70 0.00 0.00 0.00
Debentures 11.06 5.53 0.00 0.00 0.00
Notes 20.70 10.35 0.00 0.00 0.00
Debentures 2.97 1.49 0.00 0.00 0.00
Others 29.85 29.85 29.85 29.85 29.85
194.94 64.37 29.85 29.85 29.85
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

Oil Productions in MMbbls

United States 32.3 27.4 25.7 26.2 26.7 27.3 27.8 28.4
Egypt 27.6 25.7 31.1 32.3 33.6 35.0 36.4 37.8
North Sea 18.4 13.2 11.9 12.4 12.9 13.4 13.9 14.5

NGL Productions in MMbbls

United States 27.1 24.2 22.8 23.7 24.7 25.6 26.7 27.7
Egypt 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1
North Sea 0.7 0.4 0.4 0.4 0.4 0.4 0.5 0.5

Gas Productions in Bcf

United States 205.6 192.5 172.8 179.7 186.9 194.4 202.2 210.2
Egypt 100.4 96.2 130.1 135.3 140.7 146.3 152.2 158.3
North Sea 21 14.1 12.8 13.3 13.8 14.4 15.0 15.6

Total Productions in MMbbl

United States 93.7 83.7 77.3 79.9 82.5 85.3 88.2 91.2
Egypt 44.6 41.9 52.9 55.0 57.2 59.5 61.9 64.3
North Sea 22.6 16.0 14.4 15.0 15.6 16.2 16.9 17.6
Total Productions in MMbbl 160.9 141.6 144.6 149.9 155.4 161.0 166.9 173.1

Oil Prices per bbl

United States 37.42 67.4 95.7 100 105 111 116 122
Egypt 39.95 70.3 101.3 106 112 117 123 129
North Sea 42.88 69.7 100.9 106 111 117 123 129

NGL Prices per bbl

United States 11.21 27.85 33.41 35.6 37.3 39.2 41.2 43.2
Egypt 27.83 48.84 76.8 76.2 80.0 84.0 88.2 92.6
North Sea 29.73 54.3 67.07 75.5 79.2 83.2 87.4 91.7

Gas Price per Mcf

United States 1.22 3.92 5.31 4.90 5.14 5.40 5.67 5.95
Egypt 2.79 2.81 2.85 4.89 5.13 5.39 5.66 5.94
North Sea 3.19 12.96 23.36 17.37 18.24 19.15 20.11 21.11

Oil Revenue

United States 1209 1846 2459 2634 2821 3021 3235 3465
Egypt 1103 1807 3149 3439 3755 4100 4478 4890
North Sea 789 920 1200 1311 1431 1563 1707 1864
3100 4573 6808 7383 8007 8684 9420 10218
NGL Revenue

United States 304 674 762 843 921 1006 1098 1199
Egypt 8 10 8 8 9 9 10 11
North Sea 21 22 27 31 34 37 41 45
333 705 796 883 964 1053 1149 1255
Gas Revenue

United States 251 755 918 880 961 1050 1146 1252
Egypt 280 270 371 661 722 789 861 940
North Sea 67 183 299 231 252 276 301 329
598 1208 1587 1773 1936 2114 2309 2521
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

Total Revenue of Oil, NGL and Gas 4031 6486 9192 10039 10907 11851 12878 13995

Growth Rate
Purchased oil and gas sales 374% 125% 0% 0% 0% 0% 0%

As a % of Sales

Lease operating expenses 28% 19% 16% 15% 15% 15% 15% 15%
Exploration 7% 2% 3% 2% 2% 2% 2% 2%
General and administrative 7% 6% 5% 5% 5% 5% 5% 5%
Taxes other than income 3% 3% 3% 3% 3% 3% 3% 3%
Purchased oil and gas costs 90% 106% 96% 96% 96% 96% 96% 96%

Gathering, processing, and transmission 274 264 367 330 342 354 367 381

Depreciation, depletion, and amortization 1,772 1,360 1,233 1359 1409 1460 1513 1569
Asset retirement obligation accretion 109 113 117 120 125 129 134 139

Cost on Per Bbl

Gathering, processing, and transmission 1.70 1.86 2.54 2.20 2.20 2.20 2.20 2.20
Taxes other than income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation, depletion, and amortization 11.01 9.61 8.53 9.07 9.07 9.07 9.07 9.07
Asset retirement obligation accretion 0.68 0.80 0.81 0.80 0.80 0.80 0.80 0.80

Effective Tax Rate -1% 31% 29% 30% 30% 30% 30% 30%
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

Oil Productions Growth Rate

United States -15% -6% 2% 2% 2% 2% 2%

Egypt -7% 21% 4% 4% 4% 4% 4%
North Sea -28% -10% 4% 4% 4% 4% 4%

NGL Productions Growth Rate

United States -11% -6% 4% 4% 4% 4% 4%

Egypt -33% -50% 4% 4% 4% 4% 4%
North Sea -43% 0% 4% 4% 4% 4% 4%

Gas Productions Growth Rate

United States -6% -10% 4% 4% 4% 4% 4%

Egypt -4% 35% 4% 4% 4% 4% 4%
North Sea -33% -9% 4% 4% 4% 4% 4%

Oil Prices Growth Rate

United States 80% 42% 5% 5% 5% 5% 5%

Egypt 76% 44% 5% 5% 5% 5% 5%
North Sea 62% 45% 5% 5% 5% 5% 5%

NGL Prices as a % of Oil Prices

United States 30% 41% 35% 35% 35% 35% 35% 35%
Egypt 70% 69% 76% 72% 72% 72% 72% 72%
North Sea 69% 78% 66% 71% 71% 71% 71% 71%

Gas Price as a % of Oil Price

United States 3% 6% 6% 5% 5% 5% 5% 5%
Egypt 7% 4% 3% 5% 5% 5% 5% 5%
North Sea 7% 19% 23% 16% 16% 16% 16% 16%
 APA Corp Financial Model
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025 2026 2027

Gross PP&E Opening 43,418 45,225 47,188 49,321 51,639

Additions During the Year 1807 1963 2133 2318 2519
Gross PP&E Closing 42,548 43,418 45,225 47,188 49,321 51,639 54,159

Accum DDA Opening 34406 35765 37173 38634 40147

Dep of the Year 1359 1409 1460 1513 1569
Accum DDA Closing 34213 34406 35765 37173 38634 40147 41716

Net PP&E 8,335 9,012 9,460 10,015 10,688 11,492 12,443

CapEx on the Year 1270 1101 1,770 1807 1963 2133 2318 2519

CapEx as a % of Sales 31% 17% 19% 18% 18% 18% 18% 18%

Depreciation, depletion, and amortization 1,772 1,360 1,233 1359 1409 1460 1513 1569

DD&A As a % of Gross PP&E 3% 3% 3% 3% 3% 3%

WC Schedules

Net Sales 4,435 7,985 11,075 11,894 12,762 13,706 14,733 15,850
Cost of Goods Sold 1,881 3,289 3,855 3,918 4,086 4,268 4,466 4,681

Receivables 1,394 1,466 1546 1659 1782 1915 2060

Inventory 473 427 470 490 512 536 562
Accounts payable 731 771 744 776 811 849 889

AR as a % of Sales 13% 13% 13% 13% 13% 13%

Inventory as a % of COGS 12% 12% 12% 12% 12% 12%
AP as a % of COGS 19% 19% 19% 19% 19% 19%
 APA Corp Financial M
Particulars in millions Historical Data Forecast
2020 2021 2022 2023 2024 2025

Scenario Weak

Oil Poduction
United States -15% -6% 2% 2% 2%

Best 6% 6% 6%
Base 4% 4% 4%
Weak 2% 2% 2%
APA Corp Financial Model
Forecast
2026 2027

2% 2%

6% 6%
4% 4%
2% 2%