Apache Loss Narrows on Lower Costs
November 03 2016 - 9:06AM
Dow Jones News
By Tess Stynes
Apache Corp. said its third-quarter loss narrowed as the energy
producer reported lower costs and smaller asset write-downs.
Over all, Apache reported a loss of $607 million, or $1.60 a
share, compared with a year-earlier loss of $1.14 billion, or
$10.95 a share. Excluding asset write-downs and other items,
adjusted per-share loss was 3 cents, compared with a year-earlier
adjusted per-share loss of 9 cents.
Revenue declined 5.8% to $1.44 billion amid lower production and
weak commodities prices.
Analysts polled by Thomson Reuters expected per-share loss of 16
cents and revenue of $1.39 billion.
The company said it expects its 2016 production to come in at
the high end of its North American onshore production outlook and
at the midpoint of its international and offshore guidance.
Apache in September said it had made a major oil discovery in a
new West Texas field, which Apache is calling "Alpine High." The
discovery, in a previously sleepy corner of Permian Basin, has the
promise to become one of the biggest energy finds of the past
decade.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
November 03, 2016 08:51 ET (12:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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