Houston, TX-based Apache Corp. APA 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 70% of the company’s proved reserves and 60% of its production comes from North America, where its operations are focused in the Permian Basin, the Anadarko basin in western Oklahoma and the Texas Panhandle, Gulf Coast areas of the U.S., and in Western Canada.
Currently, Apache has a Zacks Rank #2 (Buy) but that could change following its third quarter 2015 earnings report which has just released. Coming to earnings surprise history, the partnership has an excellent track record: its beaten/met estimates in each of the last four quarters.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Apache reports loss. Loss per share – excluding one-time items – came in at 5 cents, narrower than the Zacks Consensus Estimate for a loss of 38 cents.
Revenue: Revenues miss expectations. Revenues of $1,496 million were below the Zacks Consensus Estimate of $1,589 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 486,409 oil-equivalent barrels per day (BOE/d) (65% liquids), up 7% year over year. Apache’s production for oil and natural gas liquids (NGLs) was up 7% at 313,923 barrels per day (Bbl/d), while natural gas production of 1,034.9 million cubic feet per day (MMcf/d) was 8% higher from the third quarter 2014 level.
The average realized crude oil price during the third quarter was $46.34 per barrel, representing a decrease of 51% from the year-ago realization of $94.38. Moreover, the average realized natural gas price during the September quarter of 2015 was $2.89 per thousand cubic feet (Mcf), down 23% from the year-ago period.
Check back later for our full write up on this Apache earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report APACHE CORP (APA): Free Stock Analysis Report To read this article on Zacks.com click here.