Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Apache Corporation    APA   US0374111054


Delayed Quote. Delayed Nyse - 07/25 11:45:10 am
101.9579 USD   -0.63%
1d ago APACHE : To Release Second-Quarter 2014 Results July 31
7d ago APACHE : Renews Shelf Registration Statement
07/18 APACHE CORPORATION : ex-dividend day
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Apache Corporation : Apache 2nd-Quarter Profit Tumbles 72% on Write-Down, Lower Prices

08/02/2012 | 08:56am US/Eastern
   By Victoria Stilwell 

Apache Corp.'s (APA) second-quarter profit sank 72% as revenue declined and the exploration-and-production company booked a $480 million write-down on its Canada oil and gas properties amid historically low natural gas prices.

Results missed expectations.

The company lowered its forecast for production growth, now seeing global growth of 6% to 9% from earlier expectations of 7% to 13%.

Apache has been acquisitive in recent years, adding mature fields from larger rivals. Apache has spent more than $15 billion in the past two years to acquire a series of assets in Egypt, the North Sea, West Texas and the Gulf of Mexico.

In January, Apache agreed to a $2.85 billion deal for privately held Cordillera Energy Partners III LLC, giving it 254,000 acres atop a property known as the Granite Wash, doubling its acreage in the energy field.

Apache also in June said it plans to produce more than 1 million barrels of oil equivalent a day in 2016, with U.S. oil production leading its growth. About 58% of Apache's production will be oil and similar liquids, up from 50% in 2011, the company said.

Apache reported a profit of $356 million, down from a year-earlier profit of $1.26 billion. Per-share earnings, which include the impact of stock dividends, slipped to 86 cents from $3.17.

The latest quarter included a $480 million reduction in the carrying value of its oil and gas properties in Canada stemming from lower natural gas prices. Excluding this item and others, per-share earnings were $2.07, down from $3.22.

Revenue declined 8.4% to $3.97 billion.

Analysts surveyed by Thomson Reuters recently expected per-share earnings of $2.53 on revenue on $4.26 billion.

Average prices, including hedging impacts, decreased 8.1% for oil, 32% for natural gas liquids and 23% for natural gas.

Shares fell 0.9% to $86.04 in recent premarket trade. The stock is off 28% in the past 12 months through Wednesday's close.

Write to Victoria Stilwell at

Subscribe to WSJ:

Recommend :
React to this article
1d ago APACHE : To Release Second-Quarter 2014 Results July 31
7d ago APACHE : Renews Shelf Registration Statement
07/18 APACHE CORPORATION : ex-dividend day
07/11DJNorth Sea Maintenance Means August Crude-Oil Loadings to Fall 24%
07/02 APACHE : Oil and Gas Exploration and Production Stocks Technical Review -- Resea..
07/02 FREEPORT MCMORAN COPPER & GOLD : Apache Completes Sale of Lucius and Heidelberg ..
07/01 APACHE : Completes Sale of Lucius & Heidelberg GOM Developments
06/26DJEgypt to Repay Some of Its $5.9 Billion Energy Debt
06/12 Canada builds LNG army for West Coast, may come up short
06/12 APACHE : Canyon Midstream Partners Announces Gas Processing Agreements with XTO ..
Duration : Period :
Apache Corporation Technical Analysis Chart | APA | US0374111054 | 4-Traders
Income Statement Evolution
Apache Corporation : Income Statement Evolution
More Financials
Dynamic quotes