Join        Login             Stock Quote

Apache (APA) Retreats After 1Q Profit Falls 30 Pct, Adj. EPS Trails Estimates

 May 03, 2012 09:37 AM

(By Balachander) Apache Corp. (NYSE:APA) reported a decline in earnings for the first quarter, hit by charges to write down the value of Canadian natural gas properties because of lower North American natural gas prices. Shares lost 2.66 percent to $93.00 in early trade on Thursday.

Adjusted earnings per share (EPS) increased to $3.00 from $2.90, yet trailed market expectations of $3.09.

Net earnings fell to $778 million or $2.00 per share for the first quarter from $1.1 billion or $2.86 per share in the year-ago quarter. Quarterly results included the write down of $390 million of APA's Canadian properties.

[Related -Apache Corporation (APA): What's Next In Restructuring?]

Revenue rose 16 percent to $4.54 billion, versus consensus estimate of $4.49 billion.

Global production rose to 769,000 barrels of oil equivalent (boe) per day from 732,000 boe per day in the same period of last year.

While North American natural gas price realizations fell 22 percent over the prior-year period, Apache's international regions, which represent 38 percent of its total gas volumes, saw prices rise 17 percent to $4.02 per Mcf, the company noted.

Looking ahead Apache expects overall production to continue to grow on strong drilling programs, including accelerated activity on the 312,000 newly acquired acres in the Anadarko Basin.

The company still sees production growth of 7 percent to 13 percent for 2012.

APA shares have been trading in the 52-week range between $73.04 and $129.26.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageAvoid Amazon Before It Disappoints Again

Heading into the 2013 holiday season, the Amazon.com, Inc. (Nasdaq: AMZN) juggernaut could not be read on...

article image4 Most Hated Dividend Stocks You Should Know Before You Invest

Shorting stocks is always risky for investors. But it can be a sure way to avoid burning cash when a read on...

article imageAnother Long Uptrend in Stocks is Unlikely to Occur in the Near Future

The last golden cross in S&P 500 occurred on January 31, 2012. The 50-dma has stayed above the 200-dma for read on...

article imageThe $7 Billion Reason To Short Retail

After nine months of fruitless negotiations, the International Longshore and Warehouse Union and the read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.