By Anne Steele

Apache Corp. on Thursday raised its full-year production guidance as its adjusted loss wasn't as deep as analysts had expected for the September quarter, though the bottom line was hurt by billions of dollars in writedowns on low commodities prices.

Like many other U.S. energy companies hurt by tanking commodities prices, Apache has cut back on drilling rigs and has been delaying well completions. Chief Executive John J. Christmann IV said production volumes exceeded expectations in the quarter, "and continue to do so on a significantly lower capital program." Revenue from oil in the latest quarter dropped by more than half.

Apache on Thursday said it expects 2015 North American onshore production in the range of 307,000 to 309,000 barrels of oil equivalent per day, up from prior guidance of 305,000 to 308,000 a day. The company also raised its international and offshore pro forma production guidance to 172,000 to 174,000 barrels a day, up from a previous range of 164,000 to 168,000 boe per day.

Overall, Apache reported a loss of $5.66 billion, or $14.95 a share, compared with a year-earlier loss of $1.33 billion, or $3.50 a share. The latest period included a write-down of $3.7 billion related to low commodities prices and $1.5 billion of other items.

Excluding certain items, the per-share loss was 5 cents, compared with earnings of $1.27 a share a year earlier. Revenue fell to $1.21 billion from $2.55 billion.

Analysts polled by Thomson Reuters expected an adjusted loss of 36 cents a share and revenue of $1.56 billion.

The Houston oil company has been divesting itself of international assets as part of an effort to refocus on U.S. shale drilling. It recently completed the sale of its Australian unit for $2.1 billion to a group of private-equity investors. The sale marked Apache's exit from its Australian exploration-and-production business. The company also recently sold its stakes in two liquefied natural gas projects in Canada and Australia to Woodside Petroleum Ltd. for $2.75 billion.

Shares, inactive premarket, have fallen 35% this year.

Write to Anne Steele at anne.steele@wsj.com.

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(END) Dow Jones Newswires

November 05, 2015 09:26 ET (14:26 GMT)

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