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Apache (APA) Q2 Loss Wider Than Expected, Beats Revenue
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Houston, TX-based Apache Corp. (APA - Free Report) is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Approximately 72% of the company’s proved reserves and 60% of its production comes from North America, where its operations are focused in the Permian Basin, the Anadarko basin in western Oklahoma and the Texas Panhandle, Gulf Coast and the offshore Gulf of Mexico areas of the U.S., and in Western Canada. Internationally, Apache has core operations in Egypt and offshore U.K.
Currently, Apache has a Zacks Rank #2 (Buy) but that could change following its second quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has an excellent track record: its beaten estimates in each of the last four quarters at an average rate of 100.02%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Apache reports loss. Loss per share – excluding one-time items – came in at 26 cents, wider than the Zacks Consensus Estimate for a loss of 24 cents.
Revenue: Revenues beat expectations. Revenues of $1,382 million were above the Zacks Consensus Estimate of $1,313 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 460,774 oil-equivalent barrels per day (BOE/d) (65% liquids), down 6% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 299,758 barrels per day (Bbl/d), while natural gas output came in at 966.1 million cubic feet per day (MMcf/d).
The average realized crude oil price during the second quarter was $43.14 per barrel, representing a decrease of 26% from the year-ago realization of $58.06. Moreover, the average realized natural gas price during the June quarter of 2016 was $2.04 per thousand cubic feet (Mcf), also down 26% from the year-ago period.
Apache’s second quarter lease operating expenses totaled $7.38 per barrel of oil equivalent, down 17% from the year-ago quarter.
Check back later for our full write up on this Apache earnings report later!
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Apache (APA) Q2 Loss Wider Than Expected, Beats Revenue
Houston, TX-based Apache Corp. (APA - Free Report) is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Approximately 72% of the company’s proved reserves and 60% of its production comes from North America, where its operations are focused in the Permian Basin, the Anadarko basin in western Oklahoma and the Texas Panhandle, Gulf Coast and the offshore Gulf of Mexico areas of the U.S., and in Western Canada. Internationally, Apache has core operations in Egypt and offshore U.K.
Currently, Apache has a Zacks Rank #2 (Buy) but that could change following its second quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has an excellent track record: its beaten estimates in each of the last four quarters at an average rate of 100.02%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Apache reports loss. Loss per share – excluding one-time items – came in at 26 cents, wider than the Zacks Consensus Estimate for a loss of 24 cents.
Revenue: Revenues beat expectations. Revenues of $1,382 million were above the Zacks Consensus Estimate of $1,313 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 460,774 oil-equivalent barrels per day (BOE/d) (65% liquids), down 6% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 299,758 barrels per day (Bbl/d), while natural gas output came in at 966.1 million cubic feet per day (MMcf/d).
The average realized crude oil price during the second quarter was $43.14 per barrel, representing a decrease of 26% from the year-ago realization of $58.06. Moreover, the average realized natural gas price during the June quarter of 2016 was $2.04 per thousand cubic feet (Mcf), also down 26% from the year-ago period.
Apache’s second quarter lease operating expenses totaled $7.38 per barrel of oil equivalent, down 17% from the year-ago quarter.
APACHE CORP Price and EPS Surprise
APACHE CORP Price and EPS Surprise | APACHE CORP Quote
Check back later for our full write up on this Apache earnings report later!
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