Apache: Days’ cash on hand
Apache Corporation is an independent energy company that explores, develops, and produces oil and gas products. Apache operates worldwide, including in the United States, Canada, and the North Sea. The profitability of the oil and gas business is highly influenced by the price of crude oil and natural gas, and by the success in finding oil and gas. Selected financial information for Apache for three recent years follows (in millions):
Year 3 | Year 2 | Year 1 | |
Balance sheet, end of year: | |||
Cash | $ 769 | $ 1,906 | $ 160 |
Income statement: | |||
Operating expenses | 16,575 | 11,156 | 11,724 |
Depreciation expense | 10,158 | 6,289 | 6,881 |
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