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.
For comments and feedback: editorial@rttnews.com