# Apache’s Proved Reserves and Their Evolution since 2011

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## 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.