Apache Reports $5.6B Loss, Hurt By Oil-Price Slump

Apache Reports $5.6B Loss, Hurt By Oil-Price Slump
Apache reports a nearly $6 billion quarterly loss as a slump in oil prices led the US energy company to write down the value of some assets.

Reuters

Aug 6 (Reuters) - Apache Corp on Thursday reported a nearly $6 billion quarterly loss as a slump in oil prices led the U.S. energy company to write down the value of some assets.

Growing inventories and worries about demand from China and other countries have prompted a more than 50 percent slide in crude prices from a year earlier, a decline that has affected the book value of Apache's oil and gas properties and cut into cash flows.

The Houston company posted a second-quarter loss of $5.6 billion, or $14.83 a share, compared with a year-earlier profit of $505 million, or $1.31 per share.

Excluding a $3.7 billion writedown of assets and other one-time items, Apache had a per-share profit of 22 cents.

Analysts on average had expected a loss of 26 cents per share, according to Thomson Reuters I/B/E/S.

Apache, which previously announced a 60 percent decrease in 2015 capital expenditures, said it was raising the low end of its spending forecast to $3.6 billion from $3.4 billion. It kept the high end at $3.9 billion.

Total oil and gas output averaged 564,000 barrels oil equivalent per day, down 4 percent from a year earlier.

(Reporting by Anna Driver; Editing by Bernadette Baum and Lisa Von Ahn)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
CFO/ Senior Financial Manager
Expertise: Accounting|Financial Analyst
Location: Carrizo Springs, TX
 
Sr. Accounting Specialist- Revenue, Severance Tax
Expertise: Accounting
Location: Houston, TX
 
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours