Back to top

Image: Bigstock

Apache (APA) Reports Q2 Loss, Revenues Miss Estimates

Read MoreHide Full Article

Have you been eager to see how U.S. energy firm Apache Corp. (APA - Free Report) performed in Q2 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. Internationally, Apache has core operations in Egypt and offshore U.K.

Zacks Rank & Surprise History: Currently, Apache has a Zacks Rank #5 (Strong Sell) but that could change following its second 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 is on a bit of a slippery surface, having missed the Zacks Consensus Estimate in three of the last four reports resulting in an average negative surprise of 46.40%.

Apache Corporation Price and EPS Surprise

 

Apache Corporation Price and EPS Surprise | Apache Corporation Quote

Estimate Revision Trend: Investors should note that the earnings estimates for Apache was unmoved prior to the earnings release. The Zacks Consensus Estimate remained the same over the last 7 days.

We have highlighted some of the key details from the just-released announcement below:

A Reports Loss: Loss per share – excluding one-time items – came in at 21 cents, as against the Zacks Consensus Estimate for a profit of a penny.

Revenue Came in Lower than Expected: Revenues of $1,384 million were below the Zacks Consensus Estimate of $1,419 million.

Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 387,562 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 250,251 barrels per day (Bbl/d), while natural gas output came in at 823.9 million cubic feet per day (MMcf/d).

The average realized crude oil price during the second quarter was $46.89 per barrel, representing an increase of 9% from the year-ago realization of $43.14. Moreover, the average realized natural gas price during the Jun quarter of 2017 was $2.60 per thousand cubic feet (Mcf), up 27% from the year-ago period.

Apache’s second quarter lease operating expenses totaled $372 million, up 4% from the year-ago quarter.

Share Performance: Apache has lost 24.5% of its value year to date versus the 26.6% decline of its industry.

Check back later for our full write up on this Apache earnings report later!

More Stock News: Tech Opportunity Worth $386 Billion in 2017                

From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity.  Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


APA Corporation (APA) - free report >>

Published in