Plus   Neg

Apache Corp. Posts Q1 Loss - Quick Facts

Apache Corp. (APA) reported a quarterly loss of $47 million or $0.12 per diluted common share for the first quarter of 2019. Adjusting for items, first-quarter earnings were $38 million or $0.10 per share. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.12 for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDAX was $1.1 billion, for the quarter.

First-quarter revenue was $1.64 billion compared to $1.75 billion, a year ago. Analysts projected revenue of $1.66 billion, for the quarter.

Reported first-quarter production of 503,000 barrels of oil equivalent (BOE) per day. Adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 437,000 BOE per day, up 19 percent over first-quarter 2018.

"Apache had an excellent first quarter with strong execution, well performance and delivery against our production and capital guidance. We exceeded both our U.S. and international production guidance on a lower than expected capital budget," said John Christmann IV, Apache's CEO.

The company reiterated 2019 production guidance of 6 to 10 percent from fourth-quarter 2018 to fourth-quarter 2019 on an unchanged annual upstream capital program of $2.4 billion.

Shares of Apache Corp. were down more than 4% after hours.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Memphis Meats, a cell based meat start-up, raised $161 million in a new round of funding from Softbank Group-led investors, in order to launch products to the market. With this, total funding exceeds $180 million. Memphis Meats intends to use the new funding to build a pilot facility for the production of cell-based meat, increase the number of employees, and to bring its products to the market. Intel Corp. (INTC), the world's biggest chipmaker, Thursday said its profit and revenues for the fourth quarter trumped Wall Street estimates. The company's shares gained nearly 7 percent driven by strong outlook for the first quarter and full year 2020. Santa Clara, California-based Intel reported... ABH Pharma, Inc. and Stocknutra.com Inc. have recalled all of its dietary supplement products pursuant to a consent decree entered by the U.S. District Court for the Eastern District of New York. The companies have recalled all dietary supplement products manufactured and sold between January 2013...
Follow RTT