Cash from operations before changes in operating assets and liabilities totaled $1 billion, up from $737 million in the year-earlier period. (This is a non-GAAP measure)
Production averaged 462,000 barrels of oil equivalent per day in the quarter, up 7 percent from the first quarter of 2004 and up slightly from last year's fourth quarter.
High oil and gas prices were a strong driver for first-quarter financial results. Apache received $46.05 per barrel of oil in the quarter, up 51 percent from the prior-year period; $27.68 per barrel of natural gas liquids, up 16 percent; and $5.30 per thousand cubic feet of gas, up 11 percent.
"We are off to a strong start in 2005, with record earnings," said G. Steven Farris, Apache's president, chief executive officer and chief operating officer. "Our successful drilling program in the first quarter and deep inventory of opportunities should contribute to Apache's financial and operating results in coming quarters."
Recent operational highlights include: * Apache drilled two significant discoveries in Egypt during the quarter. The Syrah 1X wildcat, on the company's 100 percent- contractor-interest Khalda Concession, tested 46.5 million cubic feet (MMcf) of natural gas per day. The Tanzanite 1X discovery, located onshore on Apache's 65 percent-contractor-interest West Mediterranean Concession, was tested in two separate Alam el Bueib (AEB) zones. The first tested at a rate of 5,296 barrels of oil and 7 MMcf of gas per day and the second at a rate of 5,631 barrels of oil and 17 MMcf of gas per day. * Apache has drilled 86 wells on Canadian acreage acquired last year in a farm-in from ExxonMobil. Apache has tested 73 wells with productive capacity of 52 MMcf of gas per day. The wells are expected to be brought on production as processing and transportation infrastructure becomes available. * Apache's debt-to-capitalization ratio declined to 22.7 percent at the end of the first quarter, from 24 percent at year-end 2004.
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