Apache Swings to Quarterly Profit
February 22 2018 - 9:26AM
Dow Jones News
By Oliver Griffin
Apache Corp. (APA) said Thursday that it swung to a
fourth-quarter net profit amid production of 440,000 barrels of oil
equivalent per day.
The Houston-based petroleum and natural gas company reported a
profit of $456 million, or $1.19 a share, in the three months ended
Dec. 31, compared with a loss of $182 million, or 48 cents a share,
for the same period last year. Adjusted profit came in at 33 cents
a share. Analysts expected a profit of 24 cents a share, according
to FactSet.
Sales rose to $1.59 billion, from $1.45 billion in the year ago
period. Analysts expected sales of $1.54 billion, according to
FactSet.
The company said that it will invest $3 billion in oil and gas
capital in 2018.
From 2018 to 2020, Apache said it will invest $7.5 billion
worldwide in upstream production as part of a three year plan to
generate strong returns and growth.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
February 22, 2018 09:11 ET (14:11 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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