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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Woodside Petroleum Limited | ASX:WPL | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.97 | 28.97 | 29.00 | 0.00 | 01:00:00 |
By Tess Stynes
Apache Corp. swung to a first-quarter loss on impacts from low crude prices that contributed to a sharp decline in revenue and a big write-down.
The company also has been divesting itself of international assets as part of its effort to refocus on U.S. shale drilling. Last month, Apache agreed to sell its Australian unit for $2.1 billion to a group of private-equity investors. The sale marked Apache's exit from its Australian exploration and production business.
The company also recently completed the sale of its stakes in two liquefied natural gas projects in Canada and Australia to Woodside Petroleum Ltd. for $2.75 billion.
Like many other U.S. energy companies, Apache has cut back on drilling rigs and has been delaying well completions.
Chief Executive John J. Christmann IV said in prepared remarks Thursday that Apache's drilling and completion costs across its key plays in North America onshore are down between 20% and 40% from November.
The company's North American onshore production exceeded Apache's guidance despite the decrease in well completions and adverse impacts of severe winter weather in the Permian and Anadarko basins, Mr. Christmann said. In its international operations, production in both Egypt and the North Sea is tracking ahead of initial expectations, he added.
Overall, Apache reported a loss of $4.65 billion, or $12.34 a share, compared with a year-earlier profit of $236 million, or 60 cents a share, a year earlier. The latest period included a ceiling-test write-down of $4.7 billion related to low commodities prices. Excluding such items, the per-share loss was 37 cents. Revenue slid 50% to $1.82 billion.
Analysts polled by Thomson Reuters expected per-share loss of 57 cents and revenue of $1.81 billion.
For the latest period, Apache noted average selling prices for oil skidded 53% globally.
Apache also affirmed its 2015 onshore North American production and capital-spending forecasts.
Write to Tess Stynes at tess.stynes@wsj.com
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