Apache Corporation (APA) saw its loss narrow to $182 million, or $0.48 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4,015 million, or $10.62 a share. On the other hand, adjusted net loss for the quarter narrowed to $22 million, or $0.06 a share from a loss of $145 million or $0.38 a share, a year ago. Revenue during the quarter went down marginally by 2.09 percent to $1,451 million from $1,482 million in the previous year period. Gross margin for the quarter expanded 506 basis points over the previous year period to 71.05 percent.
Operating loss for the quarter was $114 million, compared with an operating loss of $5,344 million in the previous year period.
John J. Christmann IV, Apache's chief executive officer and president, said, "2016 was a very successful year and an important step in Apache’s transformation. We protected our balance sheet in a volatile price environment, remained focused on costs, and allocated our capital to high-return projects and strategic testing opportunities. This strategy resulted in an expanded economic drilling inventory, meaningful improvements in Permian Basin well performance, a more streamlined portfolio, and lower overhead and operating costs. We also discovered and announced the Alpine High, a sizeable new resource play in the Delaware Basin, which brings significant drilling inventory and puts Apache in one of the most exciting and competitive positions in the industry."
Operating cash flow declines
Apache Corporation has generated cash of $2,430 million from operating activities during the year, down 8.89 percent or $237 million, when compared with the last year. The company has spent $1,660 million cash to meet investing activities during the year as against cash inflow of $1,083 million in the last year.
The company has spent $860 million cash to carry out financing activities during the year as against cash outgo of $2,962 million in the last year period.
Cash and cash equivalents stood at $1,377 million as on Dec. 31, 2016, down 6.13 percent or $90 million from $1,467 million on Dec. 31, 2015.
Working capital drops significantly
Apache Corporation has witnessed a decline in the working capital over the last year. It stood at $1,398 million as at Dec. 31, 2016, down 26.84 percent or $513 million from $1,911 million on Dec. 31, 2015. Current ratio was at 1.76 as on Dec. 31, 2016, down from 2.04 on Dec. 31, 2015.
Debt comes down marginally
Apache Corporation has recorded a decline in total debt over the last one year. It stood at $8,544 million as on Dec. 31, 2016, down 1.97 percent or $172 million from $8,716 million on Dec. 31, 2015. Apache Corp has recorded a decline in long-term debt over the last one year. It stood at $8,544 million as on Dec. 31, 2016, down 1.97 percent or $172 million from $8,716 million on Dec. 31, 2015. Total debt was 37.94 percent of total assets as on Dec. 31, 2016, compared with 46.26 percent on Dec. 31, 2015. Debt to equity ratio was at 1.11 as on Dec. 31, 2016, down from 2.06 as on Dec. 31, 2015.
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