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Apache (APA) Q3 Loss Narrower than Expected, Sales Beat
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U.S. energy firm Apache Corp. (APA - Free Report) reported a third-quarter loss per share – excluding one-time items – of 3 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents and the year-ago adjusted loss of 5 cents.
The outperformance stems from cost savings.
Revenues of $1,438 million were above the Zacks Consensus Estimate of $1,382 million but came 6% below the year-ago level amid low commodity prices and a dip in output.
Operational Performance
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.
Balance Sheet, Capital Spending & Lease Operating Expenses
As of Sep 30, 2016, Apache had approximately $1,230 million in cash and cash equivalents. The Zacks Rank #3 (Hold) company had a long-term debt of $8,721 million, representing a debt-to-capitalization ratio of 57.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
During Jul-Sep period, Apache’s exploration and development investments totaled $408 million, 49% lower than the $807 million incurred a year ago. The company – like many other oil and gas players including ConocoPhillips (COP - Free Report) , Chesapeake Energy Corp. (CHK - Free Report) and Marathon Oil Corp. (MRO - Free Report) – has adjusted its spending plans considerably amid diving crude prices
Apache’s third quarter lease operating expenses totaled $$382 million, down 15% from the year-ago quarter. Total costs and expenses fell 60% from the third quarter of 2015 to $2,343 million.
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Apache (APA) Q3 Loss Narrower than Expected, Sales Beat
U.S. energy firm Apache Corp. (APA - Free Report) reported a third-quarter loss per share – excluding one-time items – of 3 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents and the year-ago adjusted loss of 5 cents.
The outperformance stems from cost savings.
Revenues of $1,438 million were above the Zacks Consensus Estimate of $1,382 million but came 6% below the year-ago level amid low commodity prices and a dip in output.
Operational Performance
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 CORP Price, Consensus and EPS Surprise
APACHE CORP Price, Consensus and EPS Surprise | APACHE CORP Quote
Balance Sheet, Capital Spending & Lease Operating Expenses
As of Sep 30, 2016, Apache had approximately $1,230 million in cash and cash equivalents. The Zacks Rank #3 (Hold) company had a long-term debt of $8,721 million, representing a debt-to-capitalization ratio of 57.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
During Jul-Sep period, Apache’s exploration and development investments totaled $408 million, 49% lower than the $807 million incurred a year ago. The company – like many other oil and gas players including ConocoPhillips (COP - Free Report) , Chesapeake Energy Corp. (CHK - Free Report) and Marathon Oil Corp. (MRO - Free Report) – has adjusted its spending plans considerably amid diving crude prices
Apache’s third quarter lease operating expenses totaled $$382 million, down 15% from the year-ago quarter. Total costs and expenses fell 60% from the third quarter of 2015 to $2,343 million.
Confidential from Zacks
Beyond this Analyst Blog, 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>>