Apache Narrows Loss on Cost Cuts
February 23 2017 - 8:34AM
Dow Jones News
By Anne Steele
Apache Corp. significantly narrowed its loss in the final
quarter of the year as the energy producer slashed expenses amid
the prolonged downturn in commodities pricing.
Chief Executive John Christmann IV said the company remained
focused on costs in a "volatile price environment."
For the December quarter, Apache reported a loss of $182
million, or 48 cents a share, compared with a year-earlier loss of
$4.02 billion, or $10.62 a share. Excluding asset write-downs and
other items, Apache's adjusted per-share loss was 6 cents.
Revenue slipped 2.1% to $1.45 billion.
Costs and expenses were 77% lower.
Analysts polled by Thomson Reuters had expected per-share
earnings of 7 cents and revenue of $1.51 billion.
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
February 23, 2017 08:19 ET (13:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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