Apache Corp.(APA) reported first-quarter net income attributable to common stock of $698 million, or $1.76 per common share, down from $778 million or $2.00 per share, as a result of lower commodity prices.
Adjusted earnings for the quarter declined to $806 million or $2.02 per share, from the prior year's $1.2 billion or $3.00 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $2.21 per share for the quarter. Analysts' estimates typically exclude special items.
Apache also announced a plan to divest $4 billion in assets by year-end 2013. The company said it intends to use initial proceeds of $2 billion to reduce debt and enhance financial flexibility. Additional proceeds are intended to be used to repurchase approximately $2 billion of Apache common shares under a 30-million-share repurchase program authorized by the Board of Directors.
First-quarter 2013 worldwide production of 781,819 boe per day compared with 769,296 boe per day in the prior-year period.
Revenues and Other for the quarter slip to $4.08 billion from $4.54 billion in the prior year quarter. Fifteen analysts had consensus revenue estimate of $4.31 billion for the quarter.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.