Apache misses by $0.13, misses on revs:
- Reports Q4 (Dec) loss of $0.06 per share, $0.13 worse than the Capital IQ Consensus of $0.07; revenues rose 16.0% year/year to $1.46 bln vs the $1.51 bln Capital IQ Consensus.
- During the first half of the year, the company anticipates production will decline as a result of scheduled downtime for the annual maintenance turnaround in the North Sea, scheduled downtime for plant maintenance in Canada, and natural declines as a result of reduced investment in lower-margin, North American Onshore regions during 2016. The North Sea annual turnaround, which usually takes place in the third quarter each year, has been scheduled for the second quarter 2017 to prepare facilities for first production from the Callater subsea tieback.
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