Apache’s proved reserves
Apache’s (APA) proved reserves have fallen considerably since 2011. As of the end of 2016, APA had proved reserves of ~1.3 billion boe (barrels of oil equivalent) compared to ~3.0 billion boe at the end of 2011. Proved reserves at the end of 2015 were 1.6 billion boe.
According to APA’s 10-K filing, the discounted value of its reserve base at the end of 2016 was ~$8.1 billion. That compares to ~$10.6 billion at the end of 2015.
Because proved reserves determine future cash flows, they’re an important metric to consider when assessing an upstream energy company’s valuation.