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Apache (APA) Q3 Loss Narrower Than Expected, Beats Revenue
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Have you been eager to see how U.S. energy firm Apache Corp. (APA - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Houston, TX-based company’s earnings release this morning:
About Apache: Apache 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.
Coming to earnings surprise history, the company has a good record: its beaten estimates in three of the last four quarters resulting in an average positive surprise of 55.75%.
Estimate Revision Trend: Investors should note that the earnings estimate revisions for Apache depicted pessimism prior to the earnings release. The Zacks Consensus Estimate deteriorated 10% over the last 30 days.
We have highlighted some of the key details from the just-released announcement below:
A Narrower-than-Expected Loss: Loss per share – excluding one-time items – came in at 3 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents.
Revenue Came in Higher than Expected: Revenues of $1,438 million were above the Zacks Consensus Estimate of $1,376 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 438,020 oil-equivalent barrels per day (BOE/d) (64% liquids), down 10% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 282,215 barrels per day (Bbl/d), while natural gas output came in at 934.8 million cubic feet per day (MMcf/d).
The average realized crude oil price during the third quarter was $44.35 per barrel, representing a decrease of 4% from the year-ago realization of $46.30. Moreover, the average realized natural gas price during the Sep quarter of 2016 was $2.59 per thousand cubic feet (Mcf), down 10% from the year-ago period.
Apache’s third quarter lease operating expenses totaled $$382 million, down 15% 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) Q3 Loss Narrower Than Expected, Beats Revenue
Have you been eager to see how U.S. energy firm Apache Corp. (APA - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Houston, TX-based company’s earnings release this morning:
About Apache: Apache 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.
Zacks Rank & Surprise History: Currently, Apache has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company has a good record: its beaten estimates in three of the last four quarters resulting in an average positive surprise of 55.75%.
APACHE CORP Price and EPS Surprise
APACHE CORP Price and EPS Surprise | APACHE CORP Quote
Estimate Revision Trend: Investors should note that the earnings estimate revisions for Apache depicted pessimism prior to the earnings release. The Zacks Consensus Estimate deteriorated 10% over the last 30 days.
We have highlighted some of the key details from the just-released announcement below:
A Narrower-than-Expected Loss: Loss per share – excluding one-time items – came in at 3 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents.
Revenue Came in Higher than Expected: Revenues of $1,438 million were above the Zacks Consensus Estimate of $1,376 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 438,020 oil-equivalent barrels per day (BOE/d) (64% liquids), down 10% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 282,215 barrels per day (Bbl/d), while natural gas output came in at 934.8 million cubic feet per day (MMcf/d).
The average realized crude oil price during the third quarter was $44.35 per barrel, representing a decrease of 4% from the year-ago realization of $46.30. Moreover, the average realized natural gas price during the Sep quarter of 2016 was $2.59 per thousand cubic feet (Mcf), down 10% from the year-ago period.
Apache’s third quarter lease operating expenses totaled $$382 million, down 15% from the year-ago quarter.
Check back later for our full write up on this Apache earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>