APACHE NORTH SEA PRODUCTION LIMITED

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared under the going concern basis and the directors have reviewed the going concern period to 31 December 2026. The principal risk for the company is the company's ability to pay creditors which will be dependent on funds received from the provision of services to companies within the group. In the event that this was insufficient, the company is dependent on the financial support of its parent or other group undertakings. In particular, the directors believe that the company will be able to continue in operational existence based on the parental support APA provides to Apache North Sea Production Limited. A letter of support has been provided by APA covering the period to 31 December 2026.”

Significant events

• “During 2024, Revenue decreased by 20% to £101,916,000 ... primarily driven by lower overall wages associated with the redesign of the Company's organizational structure and operations. Expenses were also impacted by lower cash-based stock compensation expense during 2024 resulting from decreases in the company's parent company APA's stock price and in the achievement of performance and financial objectives as defined in the stock awards plans. Operating Profit has decreased by £14,358,000 resulting in a loss for the year of £8,518,000 (2023 loss of £1,389,000).”
• “In 2024, the company recorded £3,468,000 (2023 £4,664,000) of costs, related to ongoing consulting and separation costs associated with the redesign of the North Sea organizational structure in line with a late life operational strategy.”
• “The U.K fiscal regime for oil and gas production has continued to evolve. The Energy Profits Levy (EPL), introduced in May 2022 at 25%, was later increased to 35% under the Finance Act 2023, extending its application through March 2028. The Finance Act 2025, enacted on 20 March, further raised EPL rate to 38% and, among other changes, removed the 29% investment allowance, effective from 1 November 2024 through 31 March 2030.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -20.3%

  £127,823,000 → £101,916,000

• Cash

  -71%

  £596,000 → £173,000

• Net assets

  -19.4%

  £43,821,000 → £35,303,000

• Employees

  -3.9%

  562 → 540

• Operating profit

  -111.3%

  £12,899,000 → -£1,459,000

• Profit before tax

  -111.2%

  £12,895,000 → -£1,447,000

• Wages

  -17.3%

  £80,354,000 → £66,484,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers