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15 Pages

Apache corporate report


Apache corporate report

Report summary

Apache has protected its premium rating during the downturn through an ultra-conservative strategy, highlighted by some of the most aggressive investment cuts in our coverage. Cash flow has been prioritised above production growth on a sharpened portfolio that balances cash-generative conventional assets with resource-rich unconventional flexibility. An opportunistic bid from Anadarko and speculation around Occidental eyeing up a move have helped bake in an acquisition premium. We also suspect that our view of the company’s tight-oil position, much of which lies in inferior areas of name-brand plays, is less optimistic than the market’s .

What's included?

This report includes 2 file(s)

  • Apache corporate report PDF - 357.94 KB 15 Pages, 6 Tables, 15 Figures
  • Apache Corporate Report.xls XLS - 3.37 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Summary
    • Strategic success factors
  • Valuation
  • Financial health
    • Financial health overview
      • Options to free up capital / risks to this outlook
  • Resources, reserves and production
    • Production overview
    • Resources and reserves overview
  • Portfolio summary
  • Economic assumptions
    • Economic assumptions
      • Valuation assumptions
      • Foreign exchange rate assumptions

In this report there are 21 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Summary
  • Valuation
    • Relative share price performance since mid-2014
    • Evolution of market premium/discount
  • Financial health
    • Cash flow breakevens evolution
    • Benchmark: cash flow breakevens
    • Net debt outlook
    • Upstream cash flow outlook
  • Resources, reserves and production
    • Production by resource theme
    • Benchmarking: production growth
    • Benchmark: production from tight oil assets
    • Apache's key unconventional assets by capex and NPV,10 breakeven
    • Reserves and resource detail
    • Benchmark: commercial reserves by resource theme
    • Benchmarking: reserves and resources life
  • Portfolio summary
    • Key assets
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Economic assumptions: Table 3
    • Economic assumptions: Table 4
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