We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Apache (APA) Q1 Earnings Miss Estimate, Beats Revenue
Read MoreHide Full Article
Have you been eager to see how U.S. energy firm Apache Corp. (APA - Free Report) performed in Q1 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 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 mixed record: its missed estimates in two of the last four quarters resulting in an average negative surprise of 19.89%.
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 11% over the last 7 days.
We have highlighted some of the key details from the just-released announcement below:
A Lower-than-Expected Profit: Earnings per share – excluding one-time items – came in at 8 cents, as against the Zacks Consensus Estimate of 16 cents.
Revenue Came in Higher than Expected: Revenues of $1,878 million were above the Zacks Consensus Estimate of $1,486 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 397,792 oil-equivalent barrels per day (BOE/d) (65% liquids), down 16% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 257,534 barrels per day (Bbl/d), while natural gas output came in at 841.5 million cubic feet per day (MMcf/d).
The average realized crude oil price during the first quarter was $51.20 per barrel, representing an increase of 62% from the year-ago realization of $31.62. Moreover, the average realized natural gas price during the Mar quarter of 2017 was $2.74 per thousand cubic feet (Mcf), up 28% from the year-ago period.
Apache’s fourth quarter lease operating expenses totaled $336 million, down 11% from the year-ago quarter.
Share Performance: Shares have fallen more than 23% year-to-date, while the Zacks categorized Oil & Gas - U.S. Exploration & Production industry lost 18% over the same period.
Check back later for our full write up on this Apache earnings report later!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
Apache (APA) Q1 Earnings Miss Estimate, Beats Revenue
Have you been eager to see how U.S. energy firm Apache Corp. (APA - Free Report) performed in Q1 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 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 #4 (Sell) but that could change following its first quarter 2017 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 mixed record: its missed estimates in two of the last four quarters resulting in an average negative surprise of 19.89%.
Apache Corporation Price and EPS Surprise
Apache Corporation Price and EPS Surprise | Apache Corporation 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 11% over the last 7 days.
We have highlighted some of the key details from the just-released announcement below:
A Lower-than-Expected Profit: Earnings per share – excluding one-time items – came in at 8 cents, as against the Zacks Consensus Estimate of 16 cents.
Revenue Came in Higher than Expected: Revenues of $1,878 million were above the Zacks Consensus Estimate of $1,486 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 397,792 oil-equivalent barrels per day (BOE/d) (65% liquids), down 16% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 257,534 barrels per day (Bbl/d), while natural gas output came in at 841.5 million cubic feet per day (MMcf/d).
The average realized crude oil price during the first quarter was $51.20 per barrel, representing an increase of 62% from the year-ago realization of $31.62. Moreover, the average realized natural gas price during the Mar quarter of 2017 was $2.74 per thousand cubic feet (Mcf), up 28% from the year-ago period.
Apache’s fourth quarter lease operating expenses totaled $336 million, down 11% from the year-ago quarter.
Share Performance: Shares have fallen more than 23% year-to-date, while the Zacks categorized Oil & Gas - U.S. Exploration & Production industry lost 18% over the same period.
Check back later for our full write up on this Apache earnings report later!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>