Apache Quarterly Profit Up, Oil Output Grows



Reuters

Nov 7 (Reuters) - Apache Corp reported higher-than-expected quarterly profit on Thursday, helped by increased crude prices and record oil production from its wells in the Permian Basin in West Texas.

Profit in the third quarter rose to $300 million, or 75 cents per share, from $161 million, or 41 cents per share, in the 2012 third quarter.

Excluding items, Apache reported an adjusted profit of $2.32 per share. Analysts, on average, expected $2.15, according to Thomson Reuters I/B/E/S.

Apache's oil and natural gas production from the Permian Basin rose 18 percent from a year ago to 132,000 barrels of oil equivalent per day (boe/d), and total production averaged 784,000 boe/d in the third quarter, up about 2 percent from a year earlier.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES