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Apache (APA) Q1 Loss Narrower than Expected, Beats Revenue - Tale of the Tape

Zacks Equity Research
Updated

Houston, TX-based Apache Corp. (APA) is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Approximately 70% of the company’s proved reserves and 60% of its production comes from North America, where its operations are focused in the Gulf of Mexico (GoM), the Gulf Coast, East Texas, the Permian basin, the Anadarko basin and the Western Sedimentary basin of Canada.

Currently, Apache has a Zacks Rank #3 (Hold) but that could change following its first quarter 2015 earnings report which has just released. Coming to earnings surprise history, the partnership has a decent track record: its beaten/met estimates in two of the last four quarters.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Apache loss less than expected. Loss per share – excluding one-time items – came in at 37 cents, significantly narrower the Zacks Consensus Estimate for a loss of 62 cents.

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Revenue: Revenues beat expectations. Revenues of $1,818 million were above the Zacks Consensus Estimate of $1,783 million.

Key Stats: The production of oil and natural gas (excluding divested assets) averaged 478,270 oil-equivalent barrels per day (BOE/d) (65% liquids), up 10% year over year. Apache’s production for oil and natural gas liquids (NGLs) was up 12% at 312,353 barrels per day (Bbl/d), while natural gas production of 995.5 million cubic feet per day (MMcf/d) was 7% higher from the first quarter 2014 level.

The average realized crude oil price during the first quarter was $47.56 per barrel, representing a decrease of 53% from the year-ago realization of $101.03. Moreover, the average realized natural gas price during the March quarter of 2015 was $3.14 per thousand cubic feet (Mcf), down 30% from the year-ago period.

Check back later for our full write up on this Apache earnings report later!

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APACHE CORP (APA): Free Stock Analysis Report
 
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