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Apache Offshore Investment Partnership (AOIP)

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.

Calendar

4 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 4.23M 4.23M 4.23M 4.23M 4.23M 4.23M
Cash burn (monthly) (no burn) 29.52K (no burn) (no burn) (no burn) 34.03K
Cash used (since last report) n/a 42.4K n/a n/a n/a 48.87K
Cash remaining n/a 4.19M n/a n/a n/a 4.18M
Runway (months of cash) n/a 141.9 n/a n/a n/a 122.9

Beta Read what these cash burn values mean

Financial report summary

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Management Discussion
  • The Partnership reported net income of $191,354 ($130 per Investing Partner Unit) for the second quarter of 2022 compared to a net loss of $51,227 ($50 per Investing Partner Unit) in the second quarter of 2021. For the first six months of 2022, the Partnership reported a net income of $328,892 ($218 per Investing Partner Unit) compared to a net loss of $115,067 ($115 per Investing Partner Unit) in the first six months of 2021. The increase in net income was primarily driven by higher revenues compared to the same prior year periods.
  • The Partnership’s revenues for the second quarter of 2022 increased 168 percent from the second quarter of 2021. Total revenues in the first six months of 2022 increased 121 percent from the first six months of 2021. The increased revenues for both periods were a result of increased production and higher crude oil and natural gas prices compared to the same prior year periods. The increase in realized prices was primarily driven by effects of global inflation and the conflict in Ukraine on global commodity prices during the first six months of 2022 compared to the same prior year period. 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 second quarter of 2022 totaled $466,197, increasing 163 percent compared to $177,023 in the second quarter of 2021. The Partnership’s average realized price for oil increased $46.15 per barrel from the second quarter of 2021, increasing sales by $133,839. Crude oil volumes increased to 48 barrels per day during the second quarter of 2022 compared to 32 barrels per day from the second quarter of 2021. The increased production was primarily the result of repair downtime at South Timbalier 295 during the second quarter of 2021 offset by natural decline. The increase in production increased associated oil sales by $155,335.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: accrued, essentially, trend, trending
Removed: accumulated, activity, cost, decreased, full, lower, reduced, review
Proxies
No filings