The document provides financial ratios for Apache Corporation, BP PLC, Exxon Mobil Corporation, and industry averages for the years 2009-2011. It analyzes Apache's short-term activity ratios, liquidity ratios, debt and solvency ratios, and profitability ratios over this period. Apache's inventory turnover and receivables turnover improved from 2009-2010 but deteriorated from 2010-2011. Its liquidity ratios declined from 2009-2011. Debt ratios improved from 2010-2011 after declining from 2009-2010. Profitability ratios steadily increased from 2009-2011, with Apache outperforming peers and industry averages on these measures. Brief descriptions of BP, Chevron, and Exxon are also provided.

1. Ratio Description
Short-term activity
ratio
Inventory turnover
An activity ratio calculated as revenue divided by
inventory.
Receivables turnover
An activity ratio equal to revenue divided by
receivables.
Payables turnover
An activity ratio calculated as revenue divided by
payables.
Working capital
turnover
An activity ratio calculated as revenue divided by
working capital.
Cash conversion
cycle
A financial metric that measures the length of
time required for a company to convert cash
invested in its operations to cash received as a
result of its operations
Liquidity ratio
Current ratio
A liquidity ratio calculated as current assets
divided by current liabilities.
Quick ratio
A liquidity ratio calculated as (cash plus short-
term marketable investments plus receivables)
divided by current liabilities.
Cash ratio
A liquidity ratio calculated as (cash plus short-
term marketable investments) divided by current
liabilities.
Debt and solvency
ratio
Debt to equity
A solvency ratio calculated as total debt divided
by total shareholders' equity.
Debt to capital
A solvency ratio calculated as total debt divided
by total debt plus shareholders' equity.
Interest coverage
A solvency ratio calculated as EBIT divided by
interest payments.
Profitability ratio
Operating profit
margin
Net profit margin
Return on equity
(ROE)
Return on assets
(ROA)
Apache Corporation
Apache Corporation, an independent energy company, explores for, develops, and produces
natural gas, crude oil, and natural gas liquids. It has exploration and production interests in the
Permian, Central, Gulf of Mexico Shelf, Gulf of Mexico Deepwater, and Gulf Coast Onshore in
the United States; British Columbia, Alberta, and Saskatchewan provinces in Canada; Egypt;
offshore Western Australia in the Carnarvon basin; offshore the United Kingdom in the North

2. Sea; and in the Neuquén, Rio Negro, Tierra del Fuego, and Mendoza provinces of Argentina.
The company sells its natural gas to local distribution companies, utilities, end-users, integrated
oil companies, and supply aggregators and marketers. As of December 31, 2011, it had total
estimated proved reserves of 1,370 million barrels of oil of crude oil, condensate, and NGLs; and
9.7 trillion cubic feet of natural gas. The company was founded in 1954 and is based in Houston,
Texas.
Short-term
activity Ratio
Apache Corp.
BP Plc. Exxon IndustryDec 31,
2011
Dec 31,
2010
Dec 31,
2009
Inventory
turnover
25.66 21.60 16.09 16.58
Receivables
turnover
5.46 5.71 5.55
Payables
turnover
16.04 15.64 21.60
Working
capital
turnover
6.26 6.35 5.10 15.95
Cash
conversion
cycle
58 57 72 23
Apache Corp.'s inventory turnover improved from 2009 to 2010 and from 2010 to 2011. Its
receivables turnover improved from 2009 to 2010 but then deteriorated significantly from 2010
to 2011. Apache Corp.'s working capital turnover and cash conversion cycle improved from 2009
to 2010 but then slightly deteriorated from 2010 to 2011. Therefore, its short term activity ratios
slightly deteriorated but compared to the industry average and its competitors, it is still leading
the league.
Liquidity ratio
Apache Corp.
BP Plc. Exxon IndustryDec 31,
2011
Dec 31,
2010
Dec 31,
2009
Current ratio 0.97 0.99 1.92 1.19
Quick ratio 0.68 0.64 1.50 0.77
Cash ratio 0.06 0.04 0.86 0.27

3. Apache Corp.'s current ratio deteriorated from 2009 to 2010 and from 2010 to 2011. Apache Corp.'s quick
ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011. Apache Corp.'s cash
ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Debt and
solvency ratio
Apache Corp.
BP Plc. Exxon IndustryDec 31,
2011
Dec 31,
2010
Dec 31,
2009
Debt to equity 0.25 0.33 0.32 0.31
Debt to capital 0.20 0.25 0.24 0.24
Interest
coverage
48.61 24.14 2.31 44.31
Apache Corp.'s debt-to-equity ratio and debt-to-capital ratio deteriorated from 2009 to 2010 but then
improved from 2010 to 2011 exceeding 2009 level.
Apache Corp.'s interest coverage ratio improved from 2009 to 2010 and from 2010 to 2011.
Profitability
ratio
Apache Corp.
BP Plc. Exxon IndustryDec 31,
2011
Dec 31,
2010
Dec 31,
2009
Operating
profit margin
49.08% 44.61% 6.62% 15.04%
Net profit
margin
27.27% 24.89% -3.32% 8.60%
Return on
equity (ROE)
15.81% 12.44% -1.81% 17.87%
Return on
assets (ROA)
8.81% 6.98% -1.01% 8.62%
Apache Corp.'s operating profit margin and net profit margin improved from 2009 to 2010 and from 2010
to 2011.
Apache Corp.'s ROE and ROA improved from 2009 to 2010 and from 2010 to 2011.
BP Plc.
BP p.l.c. provides fuel for transportation, energy for heat and light, lubricants to engines, and
petrochemicals products. Its Exploration and Production segment engages in the oil and natural gas
exploration, field development, and production; midstream transportation, and storage and processing;
and marketing and trading of natural gas, including liquefied natural gas (LNG), and power and natural
gas liquids (NGL). This segment has exploration and production activities in Angola, Azerbaijan, Canada,
Egypt, Norway, Russia, Trinidad and Tobago, the United Kingdom, and the United States, as well as in
Asia, Australasia, South America, north Africa, and the Middle East. It also owns and manages crude oil
and natural gas pipelines; processing facilities and export terminals; and LNG processing and

4. transportation, as well as NGL extraction facilities. The company’s Refining and Marketing segment is
involved in refining, manufacturing, marketing, transportation, and supply and trading of crude oil,
petroleum, and petrochemicals products and related services to wholesale and retail customers primarily
under the BP, Castrol, and Aral brands. BP p.l.c. also engages in the alternative energy business, as well
as offers shipping and treasury services. The company was founded in 1889 and is headquartered in
London, the United Kingdom.
Chevron Corporation
Chevron Corporation, through its subsidiaries, engages in petroleum, chemicals, mining, power
generation, and energy operations worldwide. It operates in two segments, Upstream and Downstream.
The Upstream segment is involved in the exploration, development, and production of crude oil and
natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas;
transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of
natural gas, as well as holds an interest in a gas-to-liquids project. The Downstream segment engages in
refining crude oil into petroleum products; marketing crude oil and refined products primarily under the
Chevron, Texaco, and Caltex names; transporting crude oil and refined products by pipeline, marine
vessel, motor equipment, and rail car; and manufacturing and marketing commodity petrochemicals,
plastics for industrial uses, and additives for fuel and lubricant additives. The company is also involved in
coal and molybdenum mining operations; cash management and debt financing activities; insurance
operations; real estate activities; and energy services, and alternative fuels and technology businesses, as
well as manages interests in 13 power assets with a total operating capacity of approximately 3,100
megawatts. The company was formerly known as ChevronTexaco Corporation and changed its name to
Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San
Ramon, California.
Exxon Mobil Corporation
Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas, and
manufacture of petroleum products, as well as transportation and sale of crude oil, natural gas, and
petroleum products. The company manufactures and markets commodity petrochemicals, including
olefins, aromatics, polyethylene and polypropylene plastics, and other specialty products. It also has
interests in electric power generation facilities. As of December 31, 2011, the company operated 37,692
gross and 31,683 net operated wells. Exxon Mobil Corporation has a strategic agreement with the Rosneft
Oil Company for investment into oil and gas fields in the Russia Federation. The company has operations
in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. Exxon Mobil
Corporation was incorporated in 1882 and is based in Irving, Texas.