Oil and gas company Apache Corp. (APA) reported a steep decline in third-quarter profit, as oil and gas prices fell from last year. On an adjusted basis, earnings plummeted year-over-year and missed the street expectations.
The Houston, Texas-based energy company's income attributable to common stock was $440.6 million, or $1.30 per share, compared with $1.19 billion or $3.52 per share in the prior-year period. Net income was $442.02 million, versus $1.19 billion in the year-ago quarter.
On an adjusted basis, Apache earned $534 million or $1.58 per share for the quarter, lower than $1.1 billion or $3.19 per share in the third-quarter of 2008. On average, 25 analysts polled by Thomson Reuters expected the company to report $1.61 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter dipped to $2.33 billion from $3.36 billion, and missed fifteen analysts' consensus estimate of $2.24 billion. Oil and gas production revenues dropped to $2.32 billion from $3.37 billion in the same quarter last year.
Total costs and expenses were $1.46 billion, down from $1.55 billion in the equivalent quarter of 2008.
The company produced 607,118 boe per day in the third quarter, up 19% from the year-ago period. Total oil production volume was 285,521 barrels per day or bpd at average oil price per barrel of $64.89, compared to 242,410 bpd at average oil price per barrel of $101.04, in the year-ago quarter.
Total natural gas volume for the quarter was 1,854,726 million cubic feet per day or Mcf at average natural gas price per barrel of $3.46, compared to 1,546,636 Mcf at average natural gas price per barrel of $7.43 in the same quarter last year.
For nine months ended September 30, loss attributable to common stock was $874.46 million or $2.61 per share, as against a profit of $3.65 billion or $10.84 per share last year.
Year-to-date, adjusted earnings more than halved to $1.22 billion or $3.62 per share from $3.53 billion or $10.46 per share a year ago.
Revenue for nine months fell to $6.06 billion from $10.45 billion in the comparable period.
Amongst others in the sector, Houston, Texas-based Anadarko Petroleum Corp. (APC), is slated to report its financial results for the third-quarter on November 2, 2009. Analysts expect the company to report a loss of $0.33 per share on revenues of $2.00 billion for the quarter.
Exxon Mobil Corp. (XOM), the world's largest publicly traded oil company, posted third-quarter net income attributable to the company of $4.73 billion or $0.98 per share, compared to $14.83 billion or $2.85 per share in the same quarter last year. Total revenues and other income for the quarter were $82.26 billion, down from $137.74 billion in the prior year quarter.
British oil giant BP Plc (BP, BP.L) reported Tuesday a third-quarter profit attributable to BP shareholders of $5.34 billion or 28.18 cents per share, compared with $8.05 billion or 42.56 cents per share last year. Total revenues and other income for the quarter declined to $67.86 billion from $104.83 billion in the year ago quarter.
APA is currently trading at $81.87, up $3.97 or 5.09%. In the past 52 weeks, the stock trended in a broad range of $51.03 - $105.59
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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.