APCO OIL & GAS INTERNATIONAL INC

CIK:0000311471|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES:
Oil revenues	$ 39,865	$ 27,425	$ 94,846	$ 85,652
Natural gas revenues	5,950	4,258	17,210	12,704
LPG revenues	384	430	1,317	1,555
Other revenues	137	1,559	2,349	10,830
Total revenues	46,336	33,672	115,722	110,741
COSTS AND OPERATING EXPENSES:
Production and lifting costs	9,519	8,576	25,092	25,998
Taxes other than income	7,651	5,753	20,293	17,497
Transportation and storage	266	685	1,022	2,328
Selling and administrative	3,643	3,461	10,413	10,925
Depreciation, depletion and amortization	11,055	7,884	30,219	24,522
Exploration expense	599	206	4,072	4,429
Foreign exchange losses	156	769	1,645	1,976
Other expense	2,156	317	3,044	(2,898)
Total costs and operating expenses	35,045	27,651	95,800	84,777
TOTAL OPERATING INCOME	11,291	6,021	19,922	25,964
INVESTMENT INCOME:
Interest and other income	376	261	1,271	525
Equity income from Argentine investment	5,441	4,221	11,026	15,544
Total investment income	5,817	4,482	12,297	16,069
Income before income taxes	17,108	10,503	32,219	42,033
Income taxes	4,477	16,533	9,396	24,588
NET INCOME	12,631	(6,030)	22,823	17,445
Less: Net income attributable to noncontrolling interests	10	8	21	30
Net income attributable to Apco Oil and Gas International Inc.	12,621	(6,038)	22,802	17,415
Pension plan liability adjustment in consolidated and equity interests (net of Argentine taxes of $4 in 2014 and $123 in 2013)	0	(229)	(7)	(229)
Comprehensive income (loss) attributable to Apco Oil and Gas International Inc.	$ 12,621	$ (6,267)	$ 22,795	$ 17,186
Earnings per share – basic and diluted:
NET INCOME PER SHARE (in dollars per share)	$ 0.43	$ (0.21)	$ 0.77	$ 0.59
Average ordinary and Class A shares outstanding – basic and diluted (in shares)	29,441	29,441	29,441	29,441
Cash dividends declared (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Class A shares [Member]
Earnings per share – basic and diluted:
Cash dividends declared (in dollars per share)	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 22,823	$ 17,445
Adjustments to reconcile to net cash provided by operating activities:
Equity income from Argentine investment	(11,026)	(15,544)
Dividends received from Argentine investment	3,154	3,257
Deferred income tax expense	908	13,742
Depreciation, depletion and amortization	30,219	24,522
Provision for loss on property, plant & equipment	5,346	1,567
Recovery of costs on sale of properties	0	(3,642)
Changes in accounts receivable	(11,664)	3,218
Changes in inventory	(1,130)	(1,584)
Changes in other current assets	4,441	(6,183)
Changes in accounts payable	382	4,388
Changes in affiliate payables, net	(207)	(1,016)
Changes in accrued liabilities	663	2,161
Changes in income taxes payable	(6,817)	(488)
Effect of exchange rate changes on cash and cash equivalents, and changes in other assets and liabilities	6,706	4,680
Net cash provided by operating activities	43,798	46,523
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures	(59,724)	(40,914)
Sale of properties	0	8,440
Changes in restricted cash	(150)	3,579
Net cash used in investing activities	(59,874)	(28,895)
CASH FLOW FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(2,000)	0
Dividends paid to noncontrolling interest	0	(25)
Net cash used in financing activities	(2,000)	(25)
Effect of exchange rate changes on cash and cash equivalents	(5,686)	(3,399)
Increase (decrease) in cash and cash equivalents	(23,762)	14,204
Cash and cash equivalents at beginning of period	48,566	32,669
Cash and cash equivalents at end of period	24,804	46,873
Reconciliation of Capital Expenditures [Abstract]
Increases to property plant and equipment, net of asset dispositions	(61,813)	(28,933)
Provision for loss on PP&E	(5,203)	(1,567)
Recovery of unproved costs	0	(4,798)
Changes in related accounts payable, accrued and other liabilities	$ 7,292	$ (5,616)

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 24,804	$ 48,566
Accounts receivable	28,873	17,209
Inventory	6,370	5,295
Restricted cash	5,210	5,040
Other current assets	10,993	11,232
Total current assets	76,250	87,342
Property and Equipment:
Cost, successful efforts method of accounting	407,182	352,011
Accumulated depreciation, depletion and amortization	(214,238)	(190,716)
Total property and equipment	192,944	161,295
Argentine investment, equity method	128,911	125,244
Restricted cash	450	470
Other assets (net of allowance of $285 at September 30, 2014 and $369 at December 31, 2013)	517	903
Total Assets	399,072	375,254
Current liabilities:
Accounts payable	23,250	16,935
Affiliate payables	683	877
Accrued liabilities	14,494	12,331
Income taxes payable	267	7,084
Total current liabilities	38,694	37,227
Long-term debt	1,500	5,000
Deferred income tax liability	13,670	12,358
Long-term liabilities	6,947	5,211
Contingent liabilities and commitments (Note 9)
Share capital, 60,000,000 shares authorized, par value $0.01 per share;
Share capital	91	91
Additional paid-in capital	9,106	9,106
Accumulated other comprehensive loss	(1,631)	(1,624)
Retained earnings	330,229	307,427
Total shareholders' equity	337,998	315,203
Noncontrolling interests in consolidated subsidiaries	263	255
Total equity	338,261	315,458
Total liabilities and equity	399,072	375,254
Class A shares [Member]
Share capital, 60,000,000 shares authorized, par value $0.01 per share;
Share capital	$ 203	$ 203