Apache Offshore Investment Partnership, a Delaware general partnership (the Investment Partnership), was formed on October 31, 1983, consisting of Apache Corporation, a Delaware corporation (Apache or Managing Partner), as Managing Partner and public investors (the Investing Partners). The Investment Partnership invested its entire capital in Apache Offshore Petroleum Limited Partnership, a Delaware limited partnership (the Operating Partnership), of which Apache is the sole general partner and the Investment Partnership is the sole limited partner. The primary business of the Investment Partnership is to serve as the sole limited partner of the Operating Partnership. The primary business of the Operating Partnership is to conduct oil and gas development and production operations. The Operating Partnership conducts the operations of the Investment Partnership. The Investment Partnership does not maintain its own website. However, copies of this Form 10-K and the Investment Partnership’s periodic filings with the Securities and Exchange Commission (SEC) can be found on the Managing Partner’s website at www.apachecorp.com/Offshore_Investment_Partnership. The Investment Partnership will also provide paper copies of these filings, free of charge, to anyone so requesting. Included in the Investment Partnership’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are the certifications of the Managing Partners’ principal executive officer and principal financial officer that are required by applicable laws and regulations. Any requests to the Partnership for copies of documents filed with the SEC should be made by mail to Apache Offshore Investment Partnership, 2000 Post Oak Blvd., Houston, Texas 77056, Attention: Investor Relations, or by telephone at 1-281-302-2286. Reports filed with the SEC are also made available on its website at www.sec.gov.
The Partnership reported a net loss of $21,657 ($25 per Investing Partner Unit) for the first quarter of 2020 compared to net income of $34,394 ($18 per Investing Partner Unit) in the first quarter of 2019.
Total revenues in the first quarter of 2020 decreased 24 percent from the first quarter of 2019 as the result of lower crude oil and gas realized prices. The Partnership’s crude oil, natural gas, and NGLs production volume and price information is summarized in the following table (gas volumes are presented in thousand cubic feet (Mcf) per day):
The Partnership’s crude oil sales for the first quarter of 2020 totaled $204,469, compared to $262,883 in the first quarter of 2019. The Partnership’s average realized oil price in the first quarter of 2020 decreased $11.41 per barrel from the first quarter of 2019, reducing sales by $53,569. Crude oil volumes decreased to 50 barrels per day in the first quarter of 2020, compared to 52 barrels per day in the prior year period, primarily the result of natural depletion. The decrease in production reduced oil sales by $4,845.