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How Have Apache’s Proved Reserves Changed?

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Apache’s proved reserves

Apache’s (APA) proved reserves have fallen considerably since 2011. As of the end of 2015, APA had proved reserves of ~1.6 billion barrels of oil equivalent (or boe) compared to ~3 billion boe at the end of 2011.

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Apache’s reserve replacement ratio

Apache’s reserve replacement ratio has also fallen significantly since 2011. APA’s reserve replacement ratio in 2015 was -308%. The reserve replacement ratio indicates the number of barrels of oil equivalent a company adds to its reserve base in relation to the amount of oil and gas it produces.

In comparison, upstream peers Concho Resources (CXO) and Hess (HES) had reserve replacement ratios of ~74% and -148%, respectively, in 2015. These companies make up 4.4% of the Energy Select Sector SPDR ETF (XLE).

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