Apache Loss Narrows on Lower Costs

   By Tess Stynes 
 

Apache Corp. said its third-quarter loss narrowed as the energy producer reported lower costs and smaller asset write-downs.

Over all, Apache reported a loss of $607 million, or $1.60 a share, compared with a year-earlier loss of $1.14 billion, or $10.95 a share. Excluding asset write-downs and other items, adjusted per-share loss was 3 cents, compared with a year-earlier adjusted per-share loss of 9 cents.

Revenue declined 5.8% to $1.44 billion amid lower production and weak commodities prices.

Analysts polled by Thomson Reuters expected per-share loss of 16 cents and revenue of $1.39 billion.

The company said it expects its 2016 production to come in at the high end of its North American onshore production outlook and at the midpoint of its international and offshore guidance.

Apache in September said it had made a major oil discovery in a new West Texas field, which Apache is calling "Alpine High." The discovery, in a previously sleepy corner of Permian Basin, has the promise to become one of the biggest energy finds of the past decade.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

November 03, 2016 08:51 ET (12:51 GMT)

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