Company Quick10K Filing
Apache
Price25.52 EPS-2
Shares377 P/E-12
MCap9,621 P/FCF5
Net Debt8,249 EBIT53
TEV17,870 TEV/EBIT337
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2021-02-04 Officers
8-K 2021-01-04 Other Events, Exhibits
8-K 2020-11-04
8-K 2020-08-21
8-K 2020-08-03
8-K 2020-07-29
8-K 2020-05-26
8-K 2020-05-14
8-K 2020-05-06
8-K 2020-03-31
8-K 2020-03-04
8-K 2020-02-26
8-K 2019-12-04
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-06-05
8-K 2019-05-23
8-K 2019-05-01
8-K 2019-02-27
8-K 2019-02-04
8-K 2019-01-03
8-K 2018-10-31
8-K 2018-08-14
8-K 2018-08-08
8-K 2018-08-01
8-K 2018-05-24
8-K 2018-05-02
8-K 2018-04-16
8-K 2018-03-14
8-K 2018-02-22
8-K 2018-02-08
8-K 2018-01-16

APA 10K Annual Report

Part I
Item 1A. Risk Factors
Item 1B.Unresolved Staff Comments
Item 3.Legal Proceedings
Item 4.Mine Safety Disclosures
Part II
Item 5.Market for The Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8.Financial Statements and Supplementary Data
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.Controls and Procedures
Item 9B.Other Information
Part III
Item 10.Directors, Executive Officers and Corporate Governance
Item 11.Executive Compensation
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13.Certain Relationships and Related Transactions, and Director Independence
Item 14.Principal Accounting Fees and Services
Part IV
Item 15.Exhibits, Financial Statement Schedules
Item 16.Form 10 - K Summary
EX-10.43 apaexhibit1043202010-k.htm
EX-10.44 apaexhibit1044202010-k.htm
EX-10.45 apaexhibit1045202010-k.htm
EX-10.46 apaexhibit1046202010-k.htm
EX-21.1 apaexhibit211202010-k.htm
EX-23.1 apaexhibit231202010-k.htm
EX-23.2 apaexhibit232202010-k.htm
EX-31.1 apaexhibit311202010-k.htm
EX-31.2 apaexhibit312202010-k.htm
EX-32.1 apaexhibit321202010-k.htm
EX-99.1 apachecorporation-totala.htm

Apache Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
655239261302012201420172020
Assets, Equity
2.01.51.00.60.1-0.42016201720182020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to                 
Commission file number 1-4300
APACHE CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware 41-0747868
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Post Oak Central, 2000 Post Oak Boulevard, Suite 100, Houston, Texas 77056-4400
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (713296-6000
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.625 par valueAPANasdaq Global Select Market
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes No ☒
Aggregate market value of the voting and non-voting common equity held by non-affiliates of registrant as of June 30, 2020$5,095,687,766 
Number of shares of registrant’s common stock outstanding as of January 29, 2021377,860,971 
Documents Incorporated By Reference
Portions of the registrant’s definitive proxy statement relating to the registrant’s 2021 annual meeting of stockholders are incorporated by reference in Part II and Part III of this Annual Report on Form 10-K.
On January 4, 2021, the registrant (Apache) announced that its Board of Directors authorized Apache to proceed with the implementation of a holding company reorganization, in connection with which, Apache will create APA Corporation, a new holding company (APA). Upon completion of the holding company reorganization, Apache will be a wholly-owned subsidiary of APA, APA will be



the successor issuer to Apache pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, and APA will replace Apache as the public company trading on the Nasdaq Global Select Market under the ticker symbol “APA”. If the holding company reorganization is completed prior to the date that Apache’s definitive proxy statement relating to the 2021 annual meeting of stockholders is filed with the Securities and Exchange Commission, then the definitive proxy statement will be filed by APA, as successor issuer to Apache.



TABLE OF CONTENTS
 
Item Page
PART I
1.
1A.
1B.
2.
3.
4.
PART II
5.
6.
7.
7A.
8.
9.
9A.
9B.
PART III
10.
11.
12.
13.
14.
PART IV
15.
16.
 

i


FORWARD-LOOKING STATEMENTS AND RISK
This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts included or incorporated by reference in this report, including, without limitation, statements regarding the Company’s future financial position, business strategy, budgets, projected revenues, projected costs, and plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements are based on the Company’s examination of historical operating trends, the information that was used to prepare its estimate of proved reserves as of December 31, 2020, and other data in the Company’s possession or available from third parties. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “expect,” “intend,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “continue,” “seek,” “guidance,” “might,” “outlook,” “possibly,” “potential,” “prospect,” “should,” “would,” or similar terminology, but the absence of these words does not mean that a statement is not forward looking. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable under the circumstances, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, its assumptions about:
the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 (COVID-19) pandemic) and the actions taken by third parties, including, but not limited to, governmental authorities, customers, contractors, and suppliers, in response to such epidemics or pandemics;
the market prices of oil, natural gas, natural gas liquids (NGLs), and other products or services;
the Company’s commodity hedging arrangements;
the supply and demand for oil, natural gas, NGLs, and other products or services;
production and reserve levels;
drilling risks;
economic and competitive conditions;
the availability of capital resources;
capital expenditures and other contractual obligations;
currency exchange rates;
weather conditions;
inflation rates;
the availability of goods and services;
legislative, regulatory, or policy changes, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring, or water disposal;
the Company’s performance on environmental, social, and governance measures;
terrorism or cyberattacks;
the occurrence of property acquisitions or divestitures;
the integration of acquisitions;
the Company’s ability to access the capital markets;
market-related risks, such as general credit, liquidity, and interest-rate risks;
the Company’s expectations with respect to the new operating structure anticipated to be implemented pursuant to the announced holding company reorganization described in this Annual Report on Form 10-K and the associated disclosure implications; and
other factors disclosed under Items 1 and 2—Business and Properties—Estimated Proved Reserves and Future Net Cash Flows, Item 1A—Risk Factors, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 7A—Quantitative and Qualitative Disclosures About Market Risk and elsewhere in this Annual Report on Form 10-K.
ii


Other factors or events that could cause the Company’s actual results to differ materially from the Company’s expectations may emerge from time to time, and it is not possible for the Company to predict all such factors or events. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements. All forward-looking statements speak only as of the date of this Annual Report on Form 10-K. Except as required by law, the Company disclaims any obligation to update or revise these statements, whether based on changes in internal estimates or expectations, new information, future developments, or otherwise.

ii


DEFINITIONS
All defined terms under Rule 4-10(a) of Regulation S-X shall have their statutorily prescribed meanings when used in this Annual Report on Form 10-K. As used in herein:
“3-D” means three-dimensional.
“4-D” means four-dimensional.
“b/d” means barrels of oil or natural gas liquids per day.
“bbl” or “bbls” means barrel or barrels of oil or natural gas liquids.
“bcf” means billion cubic feet of natural gas.
“bcf/d” means one bcf per day.
“boe” means barrel of oil equivalent, determined by using the ratio of one barrel of oil or NGLs to six Mcf of gas.
“boe/d” means boe per day.
“Btu” means a British thermal unit, a measure of heating value.
“Liquids” means oil and natural gas liquids.
“LNG” means liquefied natural gas.
“Mb/d” means Mbbls per day.
“Mbbls” means thousand barrels of oil or natural gas liquids.
“Mboe” means thousand boe.
“Mboe/d” means Mboe per day.
“Mcf” means thousand cubic feet of natural gas.
“Mcf/d” means Mcf per day.
“MMbbls” means million barrels of oil or natural gas liquids.
“MMboe” means million boe.
“MMBtu” means million Btu.
“MMBtu/d” means MMBtu per day.
“MMcf” means million cubic feet of natural gas.
“MMcf/d” means MMcf per day.
“NGL” or “NGLs” means natural gas liquids, which are expressed in barrels.
“NYMEX” means New York Mercantile Exchange.
“oil” includes crude oil and condensate.
“PUD” means proved undeveloped.
“SEC” means United States Securities and Exchange Commission.
“Tcf” means trillion cubic feet of natural gas.
“U.K.” means United Kingdom.
“U.S.” means United States.
With respect to information relating to our working interest in wells or acreage, “net” oil and gas wells or acreage is determined by multiplying gross wells or acreage by our working interest therein. Unless otherwise specified, all references to wells and acres are gross.
References to “Apache,” the “Company,” “we,” “us,” and “our” refer to Apache Corporation and its consolidated subsidiaries unless otherwise specifically stated.
iii


PART I
ITEMS 1 and 2.BUSINESS AND PROPERTIES
GENERAL
Apache Corporation, a Delaware corporation formed in 1954, is an independent energy company that explores for, develops, and produces natural gas, crude oil, and NGLs. The Company’s upstream business currently has exploration and production operations in three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea (North Sea). Apache also has active exploration and planned appraisal operations ongoing in Suriname, as well as interests in other international locations that may, over time, result in reportable discoveries and development opportunities. Apache’s midstream business is operated by Altus Midstream Company (Nasdaq: ALTM) through its subsidiary Altus Midstream LP (collectively, Altus). Altus owns, develops, and operates a midstream energy asset network in the Permian Basin of West Texas.
On January 4, 2021, Apache announced that its Board of Directors authorized the Company to proceed with the implementation of a holding company reorganization, in connection with which, Apache will create APA Corporation, a new holding company (APA). Upon completion of the holding company reorganization, Apache will be a wholly-owned subsidiary of APA, APA will be the successor issuer to Apache pursuant to Rule 12g-3(a) under the Exchange Act, and APA will replace Apache as the public company trading on the Nasdaq Global Select Market under the ticker symbol “APA” (the Holding Company Reorganization). The Holding Company Reorganization has not yet been implemented, but it is expected to be completed during the first half of 2021. Further details of the planned Holding Company Reorganization are included in the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2021.
The Company’s common stock, par value $0.625 per share, is listed on the Nasdaq Global Select Market (Nasdaq). Through the Company’s website, www.apachecorp.com, you can access, free of charge, electronic copies of the charters of the committees of its Board of Directors, other documents related to corporate governance (including the Code of Business Conduct and Ethics and Apache’s Corporate Governance Principles), and documents the Company files with the SEC, including the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Included in the Company’s annual and quarterly reports are the certifications of its principal executive officer and its principal financial officer that are required by applicable laws and regulations. Access to these electronic filings is available as soon as reasonably practicable after the Company files such material with, or furnishes it to, the SEC. You may also request printed copies of the Company’s corporate charter, bylaws, committee charters, or other governance documents free of charge by writing to the Company’s corporate secretary at the address on the cover of this report. The Company’s reports filed with the SEC are made available on its website at www.sec.gov. From time to time, the Company also posts announcements, updates, and investor information on its website in addition to copies of all recent press releases. Information on the Company’s website or any other website is not incorporated by reference into, and does not constitute a part of, this Annual Report on Form 10-K.
Certain properties referred to herein may be held by subsidiaries of Apache Corporation.
BUSINESS STRATEGY
Our VISION is to be the premier exploration and production company, contributing to global progress by helping meet the world’s energy needs.
Our MISSION is to grow in an innovative, safe, environmentally responsible, and profitable manner for the long-term benefit of our stakeholders.
Our STRATEGY is to take a differentiated approach to the exploration and production of cost-advantaged hydrocarbons through innovation, technology, optimization, continuous improvement, and relentless focus on costs to deliver top-tier, long-term returns.
1


Rigorous management of the Company’s asset portfolio plays a key role in optimizing shareholder value over the long term. Over the past several years, Apache has entered into a series of transactions that have upgraded its portfolio of assets, enhanced its capital allocation process to further optimize investment returns, and increased focus on internally generated exploration with full-cycle, returns-focused growth. These efforts included the monetization of certain non-strategic assets, including gas-weighted properties in the Midcontinent/Gulf Coast region and selling other non-core leasehold positions. The Company made strategic decisions to allocate the proceeds of these divestitures to more impactful development opportunities across its portfolio and exploration efforts in Suriname. In addition, in November 2018, the Company completed a transaction with Altus Midstream Company and its then wholly-owned subsidiary, Altus Midstream LP, to create a publicly-traded midstream C-corporation.
Apache’s U.S. upstream oil and gas assets are complemented by its international assets in Egypt and the North Sea, each of which adds to the Company’s inventory of exploration and development opportunities. Apache’s diverse international portfolio and asset inventory includes, at scale, both conventional and unconventional resources covering crude oil, rich natural gas with NGLs, and lean natural gas.
During 2020, the global economy and the energy industry were deeply impacted by the effects of the COVID-19 pandemic and related third-party actions. Uncertainty in the oil markets and the negative demand implications resulting from the COVID-19 pandemic continue to weigh on commodity prices. As with previous changes in a volatile price environment, Apache has continued to respond quickly and decisively, taking the following strategic actions:
Establishing and implementing a wide range of fit-for-purpose protocols and procedures to ensure a safe and productive work environment across the Company’s diversified global onshore and offshore operations.
Reducing upstream capital investments by over 50 percent from the comparative prior-year period, including eliminating nearly all U.S. drilling and completion activity by May 2020 and reducing planned activity in Egypt and the North Sea.
Decreasing the Company’s dividend by 90 percent beginning in the first quarter of 2020, preserving approximately $340 million of cash flow on an annualized basis and strengthening liquidity.
Completing an organizational redesign focused on centralizing certain operational activities in an effort to capture greater efficiencies, achieving an estimated cost savings of $400 million annually.
Conducting, on a continuous basis, price sensitivity analyses and operational evaluations of producing wells across the Company’s portfolio that allow for a methodical and integrated approach to production shut-ins and curtailments with a focus on preserving cash flows in a distressed price environment and protecting the Company’s assets.
The Company remains committed to its longer-term objectives: (1) to maintain a balanced asset portfolio, including advancement of ongoing exploration and appraisal activities offshore Suriname; (2) to invest for long-term returns over production growth; and (3) to budget conservatively to generate excess cash flow that can be directed on a priority basis to debt reduction.
For a more in-depth discussion of the Company’s 2020 results, divestitures, strategy, and its capital resources and liquidity, please see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K.
BUSINESS OVERVIEW
The following business overview further describes the operations and activities for the Company’s upstream exploration and production properties, by geographic region, and Altus Midstream.
UPSTREAM EXPLORATION AND PRODUCTION
Operating Areas
Apache has exploration and production operations in three geographic areas: the U.S., Egypt, and the North Sea. Apache also has active exploration and planned appraisal operations ongoing in Suriname, as well as interests in other international locations that may, over time, result in reportable discoveries and development opportunities. During 2020, as a result of the Company’s organizational redesign, Apache shifted from a region-based structure to a centralized structure focused on core asset groups and functions in each country.
2


The following table sets out a brief comparative summary of certain key 2020 data for each of Apache’s operating areas. Additional data and discussion are provided in Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K.
ProductionPercentage
of Total
Production
Production
Revenue
Year-End
Estimated
Proved
Reserves
Percentage
of Total
Estimated
Proved
Reserves
Gross
Wells
Drilled
Gross
Productive
Wells
Drilled
(In MMboe)(In millions)(In MMboe)
United States93.7 58 %$1,764 587 67 %60 59 
Egypt(1)
44.6 28 %1,390 178 20 %61 54 
North Sea(2)
22.6 14 %883 109 13 %
Other International— — — — — — 
Total160.9 100 %$4,037 874 100 %132 119 
(1)Apache’s operations in Egypt, excluding the impacts of a one-third noncontrolling interest, contributed 20 percent of 2020 production and accounted for 15 percent of year-end estimated proved reserves.
(2)Sales volumes from the North Sea for 2020 were 22.7 MMboe. Sales volumes may vary from production volumes as a result of the timing of liftings in the Beryl field.
United States
In 2020, Apache’s U.S. upstream oil and gas operations contributed approximately 58 percent of production and 67 percent of estimated year-end proved reserves. Apache has access to significant liquid hydrocarbons across its 4.9 million gross acres (2.5 million net acres) in the U.S., 78 percent of which are undeveloped.
The Company’s U.S. assets are primarily located in the Permian Basin in West Texas and New Mexico, including the Permian sub-basins: Midland Basin, Central Basin Platform/Northwest Shelf, and Delaware Basin. Examples of shale plays being developed within these sub-basins include the Woodford, Barnett, Pennsylvanian, Cline, Wolfcamp, Bone Spring, and Spraberry. Apache is one of the largest operators in the Permian Basin, operating more than 7,000 gross oil and gas wells across its acreage, with additional interests in over 4,000 non-operated wells. Approximately six percent of the Company’s net acreage position in the Permian Basin is on federal onshore lands. Apache also has operations located in and along the Gulf of Mexico, in the areas onshore and offshore south Texas and Louisiana.
Highlights of the Company’s operations in the U.S. include:
Southern Midland Basin Apache holds approximately 360,000 gross acres (256,000 net acres) in the Southern Midland Basin. The Company began the year operating four rigs but suspended drilling and completion activity in May in response to collapsing commodity prices. During 2020, the Company averaged one rig targeting oil plays in the Wolfcamp, Spraberry, and lower Cline formations, drilling 33 gross development wells in this basin with a 100 percent success rate.
Delaware Basin Apache holds approximately 370,000 gross acres (220,000 net acres) in the Delaware Basin, including opportunities in the Bone Spring and other formations of eastern New Mexico and bordering west Texas, and the Alpine High play in the southern portion of the Permian Basin, primarily in Reeves County, Texas. The Company began the year operating three rigs but suspended drilling in May. During 2020, the Company averaged one rig drilling 19 gross development wells with a 95 percent success rate, primarily targeting oil plays in the Bone Spring formation.
Legacy Assets Apache holds approximately 3.6 million gross acres (1.7 million net acres) in legacy properties, primarily in the Central Basin Platform sub-basin of the Permian Basin, the Eagle Ford shale and Austin Chalk areas of southeast Texas, and in the offshore waters of the Gulf of Mexico and onshore Louisiana. The Company participated in drilling eight gross non-operated development wells in these areas during 2020. Although operated drilling activity was minimal during 2020, the Company continued to evaluate and high-grade inventory opportunities on its Austin Chalk acreage. The Company also monetized certain non-strategic leasehold positions on its legacy acreage holdings during the year and is continuing to evaluate additional opportunities.
New Venture Assets Apache separately has undeveloped acreage positions across several states where it intends to pursue exploration interests and potential development opportunities over time.
3


With the improvement in oil prices, the Company is returning to a modest level of activity in the U.S. For 2021, the Company is currently running one drilling rig in the Permian Basin and plans to add a second rig in the middle of the year. In addition, the Company recently added a rig in the Austin Chalk oil play to retain core acreage positions and perform targeted tests. The Company also resumed completions activity in the Permian Basin during the fourth quarter of 2020 and began completing previously drilled but uncompleted wells in response to significantly lower service costs. As with prior periods, the Company will continue to monitor commodity prices and will adjust its capital budget accordingly to protect its cash flows.
U.S. Marketing In general, most of the Company’s U.S. natural gas production is sold at either monthly or daily index-based prices. The tenor of the Company’s sales contracts span from daily to multi-year transactions. Natural gas is sold to a variety of customers that include local distribution, utility, and midstream companies as well as end-users, marketers, and integrated major oil companies. Apache strives to maintain a diverse client portfolio, which is intended to reduce the concentration of credit risk. Apache predominantly sells its natural gas production within the United States, including to U.S. LNG export facilities, although a portion is sold to markets in Mexico.
Apache primarily markets its U.S. crude oil production to integrated major oil companies, marketing and transportation companies, and refiners based on West Texas Intermediate (WTI) pricing indices (e.g. WTI Houston, West Texas Sour (WTS), or WTI Midland) and some predominately Brent related international pricing indices, adjusted for quality, transportation, and a market-reflective differential. Apache’s objective is to maximize the value of crude oil sold by identifying the best markets and most economical transportation routes available to move the product. Sales contracts are generally 30-day evergreen contracts that renew automatically until canceled by either party. These contracts provide for sales that are priced daily at prevailing market prices. Also, from time to time, the Company will enter into physical term sales contracts. These term contracts typically have a firm transportation commitment and often provide an opportunity for higher than prevailing market prices.
Apache’s U.S. NGL production is sold under contracts with prices based on Gulf Coast supply and demand conditions, less the costs for transportation and fractionation, or on a weighted-average sales price received by the purchaser.
U.S. Delivery Commitments The Company has long-term delivery commitments for natural gas and crude oil, which require Apache to deliver an average of 232 Bcf of natural gas per year for the period from 2021 through 2029 at variable, market-based pricing and deliver an average of 6.8 MMbbls of crude oil per year from 2020 through 2025 at variable, market-based pricing.
Apache currently expects to fulfill its delivery commitments with production from its proved reserves, production from continued development and/or spot market purchases as necessary. Apache may also enter into contractual arrangements to reduce its delivery commitments. The Company has not experienced any significant constraints in satisfying the committed quantities required by its delivery commitments.
For more information regarding the Company’s commitments, please see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity—Contractual Obligations of this Annual Report on Form 10-K.
International
In 2020, international assets contributed 42 percent of Apache’s production and 56 percent of oil and gas revenues. Approximately 33 percent of estimated proved reserves at year-end were located outside the U.S.
Apache has two international locations with ongoing development and production operations:
Egypt, which includes onshore conventional assets located in Egypt’s Western Desert; and
the North Sea, which includes offshore assets based in the United Kingdom.
The Company also has an active offshore exploration program and planned appraisal operations ongoing in Suriname.
Egypt Apache has 25 years of exploration, development and operations experience in Egypt and is one of the largest acreage holders in Egypt’s Western Desert. At year-end 2020, the Company held 5.2 million gross acres in 24 separate concessions. Development leases within concessions currently have expiration dates ranging from 1 to 20 years, with extensions possible for additional commercial discoveries or on a negotiated basis. Approximately 68 percent of the Company’s gross acreage in Egypt is undeveloped, providing Apache with considerable exploration and development opportunities for the future.
4


Apache’s Egypt operations are conducted pursuant to production sharing contracts (PSCs). Under the terms of the Company’s PSCs, the contractor partner (Contractor) bears the risk and cost of exploration, development, and production activities. In return, if exploration is successful, the Contractor receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred and a stipulated share of production after cost recovery. Additionally, the Contractor’s income taxes, which remain the liability of the Contractor under domestic law, are paid by Egyptian General Petroleum Corporation (EGPC) on behalf of the Contractor out of EGPC’s production entitlement. Income taxes paid to the Arab Republic of Egypt on behalf of the Contractor are recognized as oil and gas sales revenue and income tax expense and reflected as production and estimated reserves. Because Contractor cost recovery entitlement and income taxes paid on its behalf are determined as a monetary amount, the quantities of production entitlement and estimated reserves attributable to these monetary amounts will fluctuate with commodity prices. In addition, because the Contractor income taxes are paid by EGPC, the amount of the income tax has no economic impact on Apache’s Egypt operations despite impacting Apache’s production and reserves.
The Company’s estimated proved reserves in Egypt are reported under the economic interest method and exclude the host country’s share of reserves. In addition, Sinopec International Petroleum Exploration and Production Corporation (Sinopec) holds a one-third minority participation interest in Apache’s oil and gas operations in Egypt. Apache’s Egypt assets, including the one-third noncontrolling interest, contributed 28 percent of 2020 production and 20 percent of year-end estimated proved reserves. Excluding the impacts of the noncontrolling interest, Egypt contributed 20 percent of 2020 production and 15 percent of year-end estimated proved reserves.
In 2020, the Company drilled 36 gross development and 25 gross exploration wells in Egypt. A key component of the Company’s success has been the ability to acquire and evaluate 3-D seismic surveys that enable Apache’s technical teams to consistently high-grade existing prospects and identify new targets across multiple pay horizons in the Cretaceous, Jurassic, and deeper Paleozoic formations. The Company has completed seismic surveys covering over 3 million acres to date and continues to build and enhance its drilling inventory in Egypt, supplemented with recent seismic acquisitions and new play concept evaluations, on both new and existing acreage.
For 2021, the Company plans to continue running a five rig drilling program for the year with a goal of stabilizing production and ultimately return Egypt to growth, both of which would require additional rigs. Apache is positioned to quickly flex spending in Egypt as conditions warrant and will continue to monitor oil prices and cash flow for the appropriate time to pursue increased activity.
North Sea Apache has interests in approximately 516,000 gross acres in the U.K. North Sea. These assets contributed 14 percent of Apache’s 2020 production and approximately 13 percent of year-end estimated proved reserves.
Apache entered the North Sea in 2003 after acquiring an approximate 97 percent working interest in the Forties field (Forties). Since acquiring Forties, Apache has actively invested in the assets and has established a large inventory of drilling prospects through successful exploration programs and the interpretation of 4-D seismic. Building upon its success in Forties, in 2011 Apache acquired Mobil North Sea Limited, providing the Company with additional exploration and development opportunities in the North Sea across numerous fields, including operated interests in the Beryl, Ness, Nevis, Nevis South, Skene, and Buckland fields and a non-operated interest in the Maclure field. Apache also has a non-operated interest in the Nelson field acquired in 2011. The Beryl field, which is a geologically complex area with multiple fields and stacked pay potential, provides for significant exploration opportunity. The North Sea assets plays a strategic role in Apache’s portfolio by providing competitive investment opportunities and potential reserve upside with high-impact exploration potential, near existing infrastructure.
During 2020, Apache averaged two rigs in the North Sea and drilled 6 gross development and two gross exploration wells.
The Company’s Storr exploration discovery came on-line in the fourth quarter of 2019, and its second well at Garten came on-line in the first quarter of 2020. The first well at the Company’s Storr development is a high-rate gas condensate well that is tied back to existing infrastructure at the Beryl Alpha platform. The Garten #2 well encountered approximately 1,200 feet of net pay, and Apache holds a 100 percent working interest in the Garten complex. Both of these exploration discoveries coming on-line, coupled with the modest drilling activity level for the year, increased the Company’s production in the North Sea compared to 2019.
In 2021, the expected capital program for the North Sea remains relatively unchanged to the prior year with one floating rig and one platform crew.
5


International Marketing  Apache’s natural gas production in Egypt is sold to EGPC primarily under an industry-pricing formula, a sliding scale based on Dated Brent crude oil with a minimum of $1.50 per MMBtu and a maximum of $2.65 per MMBtu, plus an upward adjustment for liquids content. Crude oil production is sold to third parties in the export market or to EGPC when called upon to supply domestic demand. Oil production sold to third parties is sold and exported from one of two terminals on the northern coast of Egypt. Oil production sold to EGPC is sold at prices related to the export market.
Apache’s North Sea crude oil production is sold under term, entitlement volume contracts and spot variable volume contracts with a market-based index price plus a differential to capture the higher market value under each type of arrangement. Natural gas from the Beryl field is processed through the Scottish Area Gas Evacuation (SAGE) gas plant, operated by Ancala Midstream Acquisitions Limited. Natural gas is sold to a third party at the St. Fergus entry point of the national grid on a National Balancing Point index price basis. The condensate mix from the SAGE plant is processed further downstream. The split streams of propane, butane, and condensate are sold separately on a monthly entitlement basis at the Braefoot Bay terminal using index pricing less transportation.
Other Exploration
New Ventures Apache’s international New Ventures team provides exposure to new growth opportunities by looking outside of the Company’s traditional core areas and targeting higher-risk, higher-reward exploration opportunities located in frontier basins as well as new plays in more mature basins.
In December 2019, Apache entered into a joint venture agreement with Total S.A. to explore and develop Block 58 offshore Suriname. The Company holds a 50 percent working interest in Block 58, which comprises approximately 1.4 million gross acres in water depths ranging from less than 100 meters to more than 2,100 meters. Starting in late 2019 and throughout 2020, Apache drilled the first three wells in the block, the Maka Central-1, Sapakara West-1, and Kwaskwasi-1, all of which successfully tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals, encountering both oil and gas condensate.
In January 2021, Apache and Total S.A announced the fourth consecutive discovery in Block 58 at Keskesi East-1, which confirmed oil in the eastern portion of the block. The Keskesi East-1 well is continuing to drill to deeper targets. In accordance with the joint venture agreement, Apache transferred operatorship of Block 58 to Total S.A. on January 1, 2021. Apache will continue to operate the Keskesi exploration well until completion of drilling operations.
Drilling Statistics
Worldwide in 2020, Apache drilled or participated in drilling 132 gross wells, with 119 wells (90 percent) completed as producers. Historically, Apache’s drilling activities in the U.S. have generally concentrated on exploitation and extension of existing producing fields rather than exploration. As a general matter, the Company’s operations outside of the U.S. focus on a mix of exploration and development wells. In addition to wells completed, at year-end a number of wells had not yet reached completion: 80 gross (63.1 net) in the U.S., 24 gross (23.5 net) in Egypt, 1 gross (1 net) in the North Sea, and 1 gross (0.5 net) in Suriname.
6


The following table shows the results of the oil and gas wells drilled and completed for each of the last three fiscal years:
 Net ExploratoryNet DevelopmentTotal Net Wells
 ProductiveDryTotalProductiveDryTotalProductiveDryTotal
2020
United States— — — 46.3 0.8 47.1 46.3 0.8 47.1 
Egypt17.7 7.0 24.7 35.7 — 35.7 53.4 7.0 60.4 
North Sea0.6 1.0 1.6 4.2 0.6 4.8 4.8 1.6 6.4 
Other International— 1.5 1.5 — — — — 1.5 1.5 
Total18.3 9.5 27.8 86.2 1.4 87.6 104.5 10.9 115.4 
2019
United States6.3 — 6.3 181.0 — 181.0 187.3 — 187.3 
Egypt8.5 13.5 22.0 37.2 1.5 38.7 45.7 15.0 60.7 
North Sea— — — 8.4 — 8.4 8.4 — 8.4 
Total14.8 13.5 28.3 226.6 1.5 228.1 241.4 15.0 256.4 
2018
United States47.6 5.3 52.9 188.9 2.0 190.9 236.5 7.3 243.8 
Egypt28.2 12.5 40.7 57.9 0.5 58.4 86.1 13.0 99.1 
North Sea1.0 0.5 1.5 6.3 — 6.3 7.3 0.5 7.8 
Total76.8 18.3 95.1 253.1 2.5 255.6 329.9 20.8 350.7 
Productive Oil and Gas Wells
The number of productive oil and gas wells, operated and non-operated, in which the Company had an interest as of December 31, 2020, is set forth below:
 OilGasTotal
 GrossNetGrossNetGrossNet
United States11,377 6,627 1,135 799 12,512 7,426 
Egypt1,069 1,015 111 108 1,180 1,123 
North Sea163 122 12 175 129 
Total12,609 7,764 1,258 914 13,867 8,678 
Domestic11,377 6,627 1,135 799 12,512 7,426 
Foreign1,232 1,137 123 115 1,355 1,252 
Total12,609 7,764 1,258 914 13,867 8,678 
Gross natural gas and crude oil wells include 558 wells with multiple completions.
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Production, Pricing, and Lease Operating Cost Data
The following table describes, for each of the last three fiscal years, oil, NGL, and gas production volumes, average lease operating costs per boe (including transportation costs but excluding severance and other taxes), and average sales prices for each of the countries where the Company has operations:
 ProductionAverage Lease
Operating
  Cost per Boe
Average Sales Price
OilNGLGasOilNGLGas
Year Ended December 31,(MMbbls)(MMbbls)(Bcf)(Per bbl)(Per bbl)(Per Mcf)
2020
United States32.3 27.1 205.6 $7.39 $37.42 $11.21 $1.22 
Egypt(1)
27.6 0.3 100.4 10.35 39.95 27.83 2.79 
North Sea(2)
18.4 0.7 21.0 15.60 42.88 29.73 3.19 
Total78.3 28.1 327.0 9.37 39.60 11.84 1.83 
2019
United States38.3 25.0 233.5 $9.24 $54.71 $14.95 $1.26 
Egypt(1)
30.9 0.3 104.4 10.77 63.76 33.87 2.83 
North Sea(2)
18.2 0.6 19.9 16.75 65.10 36.83 4.48 
Total87.4 25.9 357.8 10.62 60.05 15.74 1.90 
2018
United States38.3 21.0 216.5 $10.01 $59.36 $26.28 $2.12 
Egypt(1)
34.2 0.3 119.3 8.71 70.09 39.17 2.84 
North Sea(2)
17.1 0.4 16.6 18.92 69.02 45.84 7.33 
Total89.6 21.7 352.4 10.66 65.30 26.87 2.61 
(1)Includes production volumes attributable to a one-third noncontrolling interest in Egypt.
(2)Sales volumes from the North Sea for 2020, 2019, and 2018 were 22.7 MMboe, 21.8 MMboe, and 20.3 MMboe, respectively. Sales volumes may vary from production volumes as a result of the timing of liftings in the Beryl field.
Gross and Net Undeveloped and Developed Acreage
The following table summarizes the Company’s gross and net acreage position as of December 31, 2020:
 Undeveloped AcreageDeveloped Acreage
 Gross AcresNet AcresGross AcresNet Acres
 (In thousands)
United States3,818 1,808 1,064 656 
Egypt3,495 3,495 1,658 1,569 
North Sea331 301 185 139 
Other International2,308 1,111 — — 
Total9,952 6,715 2,907 2,364 
As of December 31, 2020, approximately 46 percent of U.S. net undeveloped acreage was held by production.
As of December 31, 2020, Apache held 1.5 million net undeveloped acres that are scheduled to expire by year-end 2021 if production is not established or the Company takes no action to extend the terms. The Company also held 533,000 and 408,000 net undeveloped acres set to expire by year-end 2022 and 2023, respectively. The Company strives to extend the terms of many of these licenses and concession areas through operational or administrative actions but cannot assure that such extensions can be achieved on an economic basis or otherwise on terms agreeable to both the Company and third parties, including governments.
Exploration concessions in the Company’s Egypt asset comprise a significant portion of its expiring net undeveloped acreage, with approximately 1.3 million, 74,000 and 343,000 net undeveloped acres set to expire during 2021, 2022, and 2023, respectively. No oil and gas reserves were recorded on this undeveloped acreage set to expire. The Company will continue to pursue acreage extensions and access to new concessions in areas in which it believes exploration opportunities exist.
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Additionally, the Company has exploration interests in Suriname consisting of 390,000 net undeveloped acres in Block 53 set to expire in 2022 contingent on planned drilling activity. The Company has acquired 3-D seismic surveys over all acreages. No oil and gas reserves have been recorded on this undeveloped acreage.
Estimated Proved Reserves and Future Net Cash Flows
Proved oil and gas reserves are those quantities of natural gas, crude oil, condensate, and NGLs, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. Estimated proved developed oil and gas reserves can be expected to be recovered through existing wells with existing equipment and operating methods. The Company reports all estimated proved reserves held under production-sharing arrangements utilizing the “economic interest” method, which excludes the host country’s share of reserves.
Estimated reserves that can be produced economically through application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an active, improved recovery program using reliable technology establishes the reasonable certainty for the engineering analysis on which the project or program is based. Economically producible means a resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. Reasonable certainty means a high degree of confidence that the quantities will be recovered. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field-tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. In estimating its proved reserves, Apache uses several different traditional methods that can be classified in three general categories: (1) performance-based methods; (2) volumetric-based methods; and (3) analogy with similar properties. Apache will, at times, utilize additional technical analysis, such as computer reservoir models, petrophysical techniques, and proprietary 3-D seismic interpretation methods, to provide additional support for more complex reservoirs. Information from this additional analysis is combined with traditional methods outlined above to enhance the certainty of the Company’s reserve estimates.
Proved undeveloped reserves include those reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Undeveloped reserves may be classified as proved reserves on undrilled acreage directly offsetting development areas that are reasonably certain of production when drilled, or where reliable technology provides reasonable certainty of economic producibility. Undrilled locations may be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless specific circumstances justify a longer time period.
The following table shows proved oil, NGL, and gas reserves as of December 31, 2020, based on average commodity prices in effect on the first day of each month in 2020, held flat for the life of the production, except where future oil and gas sales are covered by physical contract terms. The total column of this table shows reserves on a boe basis in which natural gas is converted to an equivalent barrel of oil based on a ratio of 6 Mcf to 1 bbl. This ratio is not reflective of the current price ratio between the two products.
OilNGLGasTotal
(MMbbls)(MMbbls)(Bcf)(MMboe)
Proved Developed:
United States207 151 1,053 533 
Egypt(1)
96 409 165 
North Sea87 68 100 
Total390 154 1,530 798 
Proved Undeveloped:
United States26 15 76 54 
Egypt(1)
11 — 13 13 
North Sea— 
Total44 15 97 76 
Total Proved434 169 1,627 874 
(1)Includes total proved developed and total proved undeveloped reserves of 55 MMboe and 4 MMboe, respectively, attributable to a one-third noncontrolling interest in Egypt.
9


As of December 31, 2020, Apache had total estimated proved reserves of 434 MMbbls of crude oil, 169 MMbbls of NGLs, and 1.6 Tcf of natural gas. Combined, these total estimated proved reserves are the volume equivalent of 874 million barrels of oil or 5.2 Tcf of natural gas, of which oil represents 50 percent. As of December 31, 2020, the Company’s proved developed reserves totaled 798 MMboe and estimated PUD reserves totaled 76 MMboe, or approximately 9 percent of worldwide total proved reserves. Apache has elected not to disclose probable or possible reserves in this filing. The Company does not have any fields that contain 15 percent or more of its total proved reserves for the years ended December 31, 2020, 2019, and 2018.
During 2020, the Company added 78 MMboe of proved reserves through exploration and development activity, partially offset by combined downward revisions of previously estimated reserves of 45 MMboe. Engineering and performance upward revisions accounted for 27 MMboe and downward revisions related to changes in product prices and interest accounted for (70) MMboe and 2 MMboe, respectively. The Company also sold 10 MMboe of proved reserves associated with U.S. divestitures, primarily related to Eastern Shelf and Magnet Withers/Pickett Ridge.
The Company’s estimates of proved reserves, proved developed reserves, and PUD reserves as of December 31, 2020, 2019, and 2018, changes in estimated proved reserves during the last three years, and estimates of future net cash flows from proved reserves are contained in Note 18—Supplemental Oil and Gas Disclosures (Unaudited) in the Notes to Consolidated Financial Statements set forth in Part IV, Item 15 of this Annual Report on Form 10-K. Estimated future net cash flows were calculated using a discount rate of 10 percent per annum, end of period costs, and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements.
Proved Undeveloped Reserves
The Company’s total estimated PUD reserves of 76 MMboe as of December 31, 2020, decreased by 42 MMboe from 118 MMboe of PUD reserves reported at the end of 2019. During the year, Apache converted 35 MMboe of PUD reserves to proved developed reserves through development drilling activity. In the U.S., Apache converted 25 MMboe, with the remaining 10 MMboe in Apache’s international areas. Apache did not sell any PUD reserves in the U.S. and did not acquire any PUD reserves during the year. Apache added 43 MMboe of new PUD reserves through extensions and discoveries. Apache did not recognize an upward engineering revision in proved undeveloped reserves during the year. Downward revisions included 1 MMboe associated with engineering and interest revisions, 43 MMboe associated with revised development plans, and 6 MMboe associated with product prices.
During the year, a total of approximately $339 million was spent on projects associated with proved undeveloped reserves. A portion of Apache’s costs incurred each year relate to development projects that will convert undeveloped reserves to proved developed reserves in future years. During 2020, Apache spent approximately $251 million on PUD reserve development activity in the U.S. and $88 million in the international areas. As of December 31, 2020, Apache had no material amounts of proved undeveloped reserves scheduled to be developed beyond five years from initial disclosure.
Preparation of Oil and Gas Reserve Information
Apache’s reported reserves are reasonably certain estimates which, by their very nature, are subject to revision. These estimates are reviewed throughout the year and revised either upward or downward, as warranted.
Apache’s proved reserves are estimated at the property level and compiled for reporting purposes by a centralized group of experienced reservoir engineers that is independent of the operating groups. These engineers interact with engineering and geoscience personnel in each of Apache’s operating areas and with accounting and marketing employees to obtain the necessary data for projecting future production, costs, net revenues, and ultimate recoverable reserves. All relevant data is compiled in a computer database application, to which only authorized personnel are given security access rights consistent with their assigned job function. Reserves are reviewed internally with senior management and presented to Apache’s Board of Directors in summary form on a quarterly basis. Annually, each property is reviewed in detail by our corporate and operating asset engineers to ensure forecasts of operating expenses, netback prices, production trends, and development timing are reasonable.
Apache’s Executive Vice President of Development is the person primarily responsible for overseeing the preparation of the Company’s internal reserve estimates and for coordinating any reserves audits conducted by a third-party engineering firm. He has Bachelor of Science and Master of Science degrees in Petroleum Engineering and over 30 years of experience in the energy industry and energy sector of the banking industry. The Executive Vice President of Development reports directly to the Company’s Chief Executive Officer.
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The estimate of reserves disclosed in this Annual Report on Form 10-K is prepared by the Company’s internal staff, and the Company is responsible for the adequacy and accuracy of those estimates. The Company engages Ryder Scott Company, L.P. Petroleum Consultants (Ryder Scott) to conduct a reserves audit, which includes a review of our processes and the reasonableness of our estimates of proved hydrocarbon liquid and gas reserves. The Company selects the properties for review by Ryder Scott based primarily on relative reserve value. The Company also considers other factors such as geographic location, new wells drilled during the year and reserves volume. During 2020, the properties selected for each country ranged from 84 to 86 percent of the total future net cash flows discounted at 10 percent. These properties also accounted for 84 percent of the value of Apache’s international proved reserves and 94 percent of the value of Apache’s new wells drilled worldwide. In addition, all fields containing five percent or more of the Company’s total proved reserves volume were included in Ryder Scott’s review. The review covered 81 percent of total proved reserves on a boe basis.
Ryder Scott’s review for the years 2020, 2019, and 2018 covered 85, 87, and 86 percent, respectively, of the value and 81, 85, and 83 percent, respectively, of the volume of the Company’s worldwide estimated proved reserves. Ryder Scott’s 2020 review covered 80, 82, and 83 percent of the estimated proved reserve volume in the U.S., Egypt, and U.K., respectively.
Ryder Scott’s review of 2019 covered 85 percent of U.S., 86 percent of Egypt, and 80 percent of the U.K.’s total proved reserves.
Ryder Scott’s review of 2018 covered 82 percent of U.S., 85 percent of Egypt, and 81 percent of the U.K.’s total proved reserves.
The Company has filed Ryder Scott’s independent report as an exhibit to this Annual Report on Form 10-K.
According to Ryder Scott’s opinion, based on their review, including the data, technical processes, and interpretations presented by Apache, the overall procedures and methodologies utilized by Apache in determining the proved reserves comply with the current SEC regulations, and the overall proved reserves for the reviewed properties as estimated by Apache are, in aggregate, reasonable within the established audit tolerance guidelines as set forth in the Society of Petroleum Engineers auditing standards.
ALTUS MIDSTREAM
In November 2018, Apache completed a transaction with Altus Midstream Company and its then wholly-owned subsidiary Altus Midstream LP (collectively, Altus) to create a pure-play, Permian Basin midstream C-corporation anchored by gathering, processing, and transmission assets at Alpine High. Pursuant to the agreement, Apache contributed certain Alpine High midstream assets and options (the Pipeline Options) to acquire equity interests in five separate third-party pipeline projects (the Equity Method Interest Pipelines) to Altus Midstream LP and/or its subsidiaries. In exchange for the assets, Apache received economic voting and non-economic voting shares in Altus Midstream Company and limited partner interests in Altus Midstream LP, representing an approximate 79 percent ownership interest in the combined entities.
Apache fully consolidates the assets and liabilities of Altus in its consolidated financial statements, with a corresponding noncontrolling interest reflected separately.
Gathering, Processing, and Transmission Assets
Altus owns, develops, and operates gas gathering, processing, and transmission assets in the Permian Basin of West Texas. Altus generates revenue by providing fee-based natural gas gathering, compression, processing, and transmission services for Apache’s production from its Alpine High resource play. As of December 31, 2020, Altus’ assets included approximately 182 miles of in-service natural gas gathering pipelines, approximately 46 miles of residue-gas pipelines with four market connections, and approximately 38 miles of NGL pipelines. Three cryogenic processing trains, each with nameplate capacity of 200 MMcf/d, were placed into service during 2019. Other assets include an NGL truck loading terminal with six Lease Automatic Custody Transfer units and eight NGL bullet tanks with 90,000 gallon capacity per tank. Altus’ existing gathering, processing, and transmission infrastructure is expected to provide capacity levels capable of fulfilling its midstream contracts to service Apache’s production from Alpine High and third-party customers as market activity in the area continues to develop.
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Pipeline Options and Equity Method Interest Pipelines
Gulf Coast Express Pipeline In December 2018, Altus Midstream LP closed on the exercise of its Pipeline Option with Kinder Morgan Texas Pipeline LLC (Kinder Morgan), thereby acquiring a 15 percent equity interest in the Gulf Coast Express Pipeline Project (GCX). Altus Midstream LP acquired an additional 1 percent equity interest in May 2019, for a total 16 percent equity interest in GCX. GCX is a long-haul natural gas pipeline with capacity of approximately 2.0 Bcf/d and transports natural gas from the Waha area in northern Pecos County, Texas to the Agua Dulce Hub near the Texas Gulf Coast. GCX is operated by Kinder Morgan and was placed into service in September 2019.
EPIC Crude Oil Pipeline In March 2019, Altus Midstream LP’s subsidiary closed on the exercise of its Pipeline Option with EPIC Pipeline LP, thereby acquiring a 15 percent equity interest in the EPIC crude oil pipeline (EPIC). The long-haul crude oil pipeline extends from the Orla area in northern Reeves County, Texas to the Port of Corpus Christi, Texas, and has Permian Basin initial throughput capacity of approximately 600 MBbl/d. The project includes terminals in Orla, Pecos, Crane, Wink, Midland, Hobson, and Gardendale, Texas with Port of Corpus Christi connectivity and export access. It services Delaware Basin, Midland Basin, and Eagle Ford Shale production. EPIC is operated by EPIC Consolidated Operations, LLC and was placed into service in February 2020.
Permian Highway Pipeline In May 2019, Altus Midstream LP’s subsidiary closed on the exercise of its Pipeline Option with Kinder Morgan, thereby acquiring an approximate 26.7 percent equity interest in the Permian Highway Pipeline (PHP). The long-haul natural gas pipeline has capacity of approximately 2.1 Bcf/d and transports natural gas from the Waha area in northern Pecos County, Texas to the Katy, Texas area with connections to U.S. Gulf Coast and Mexico markets. PHP, which is operated by Kinder Morgan, was in the commissioning phase and flowing partial volumes as of December 31, 2020 and was placed into service in January 2021.
Shin Oak NGL Pipeline In July 2019, Altus Midstream LP’s subsidiary closed on the exercise of its Pipeline Option with Enterprise Products Operating LLC (Enterprise Products), thereby acquiring a 33 percent equity interest in Breviloba LLC, which owns the Shin Oak NGL Pipeline (Shin Oak). The long-haul NGL pipeline has capacity of up to 550 MBbl/d and transports NGL production from the Orla area in northern Reeves County, Texas through the Waha area in northern Pecos County, Texas, and on to Mont Belvieu, Texas. Shin Oak is operated by Enterprise Products and was placed into service during 2019.
Salt Creek NGL Pipeline Altus Midstream LP’s subsidiary’s final Pipeline Option to acquire a 50 percent equity interest in the Salt Creek NGL Pipeline, an intra-basin NGL pipeline, was not exercised and expired on March 2, 2020.
MAJOR CUSTOMERS
The Company is exposed to credit risk in the event of nonpayment by counterparties, a significant portion of which are concentrated in energy-related industries. The creditworthiness of customers and other counterparties is subject to continuing review, including the use of master netting agreements, where appropriate. During 2020, sales to EGPC and Vitol accounted for approximately 17 percent and 14 percent, respectively, of the Company’s worldwide crude oil, natural gas, and NGLs production revenues. During 2019, sales to BP and Sinopec, and their respective affiliates, each accounted for approximately 10 percent and 11 percent, respectively, of the Company’s worldwide crude oil, natural gas, and NGLs production revenues. During 2018, sales to BP, Sinopec, and EGPC, and their respective affiliates, each accounted for approximately 17 percent, 15 percent, and 10 percent, respectively, of the Company’s worldwide crude oil, natural gas, and NGLs production revenues.
Management does not believe that the loss of any one of these customers would have a material adverse effect on the results of operations.
HUMAN CAPITAL MANAGEMENT
As a company, Apache believes its people are its greatest asset. Exploring what’s possible at Apache is the union of curiosity, intellect, and hard work, built on mutual respect, honesty, integrity, and a keen sense of responsibility for the Company’s team, community, and the environment. With respect to its employees, the Company is focused on health and safety, diversity and inclusion, and total rewards, so that joining the Apache family is a positive experience for all.
12


In 2020, a major redesign of Apache’s organizational structure and operations and the global COVID-19 pandemic had significant impacts on the Company’s human capital management. In connection with the organizational and operational redesign and changes in the economic environment in which Apache operates, the Company offered voluntary retirement packages, made reductions-in-force, and began limiting hiring to critical business roles. In response to the global COVID-19 pandemic, Apache implemented significant operating environment changes that the Company determined were in the best interest of its employees and complied with government regulations. These changes include having the vast majority of Apache’s employees working from home, while implementing additional safety protocols and procedures for essential employees continuing critical on-site work.
Oversight and Management
Apache’s Board of Directors has three standing committees, each devoted to a separate aspect of risk oversight. The Corporate Governance and Nominating (CG&N) Committee, the Audit Committee, the Management Development and Compensation (MD&C) Committee, and/or the full Board of Directors receive regular reports on certain human capital matters, including the Company’s diversity and inclusion programs and initiatives.
The MD&C Committee oversees Apache's compensation programs, leadership development and succession planning strategies, and seeks continuous improvement in the diversity and inclusion practices used in developing and deploying these processes.
The Audit Committee oversees the integrity of the Company's financial statements and monitors human capital management risk against compliance with legal and regulatory requirements.
The CG&N Committee oversees the nomination of candidates for election to the Board of Directors, the annual Board of Directors evaluation process, corporate governance and environmental, social, and governance (ESG) issues, as well as the Company’s annual sustainability report.
Reports and recommendations made to the Board of Directors and its committees are part of the framework that ensures the Company’s daily actions and decisions are guided by its core values, including upholding the health and safety of Apache’s team, stakeholders, and communities, investing in its workforce, ensuring environmental responsibility, and acting ethically and with integrity.
COVID-19 Response
During the early stages of the pandemic, Apache called upon its Crisis Management Team to lead and coordinate the Company's overall COVID-19 pandemic response. This team led efforts to develop and monitor mitigation and business continuity plans, track all relevant country, state and local government guidelines, directives and regulations, develop and adopt work-from-home plans, implement safe working protocols for production teams, assess and implement appropriate return-to-office protocols, and provide timely and transparent communications to global employees and key stakeholders.
In response to the COVID-19 pandemic, Apache began providing the following benefits to its employees:
Covering the cost of COVID-19 testing at the Company’s onsite testing events and through expanded insurance coverage;
Expanding telehealth benefits;
Promoting mental health and well-being plans;
Implementing enhanced hardship distributions and loan eligibility and repayment terms in the Apache 401(k) Savings Plan; and
Providing additional paid sick leave for quarantined employees.
13


Employee Profile
As of December 31, 2020, Apache had approximately 2,272 full-time equivalent employees in locations across the organization as follows:
Employees
United States1,430 
United Kingdom598 
Egypt237 
Suriname
Total employees2,272 
The employment of approximately 637 employees globally were impacted by involuntary reductions-in-force in 2020. The impacted employees were provided severance packages that included Company-paid benefits and outplacement services. The voluntary workforce turnover for 2020 was 9.6 percent.