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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