-=Apache Corp. (APA) reported earnings on Thur 22 Feb 2018 (b/o)

HOUSTON (AP) _ Apache Corp. (APA) on Thursday reported fourth-quarter net income of $456 million, after reporting a loss in the same period a year earlier.

The Houston-based company said it had net income of $1.19 per share. Earnings, adjusted for one-time gains and costs, were 33 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The oil and natural gas producer posted revenue of $1.59 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $1.54 billion.

For the year, the company reported net income of $1.3 billion, or $3.41 per share, swinging to a profit in the period. Revenue was reported as $6.42 billion.

Apache shares have fallen 12 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1 percent. The stock has fallen 34 percent in the last 12 months.

=Apache (APA) reported earnings on Thur 23 Feb 17 (b/o)

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.

Apache (APA) discovers 3-billion barrel field in Texas shale country

• Apache says it has discovered the equivalent of at least two billion barrels of oil in a new west Texas field that has the promise to become one of the biggest energy finds of the past decade.

  

Apache Corp. said it made a “significant” discovery in a Texas shale formation that holds enough crude oil to supply every refinery on the U.S. Gulf Coast for a year.

The Alpine High discovery in West Texas contains an estimated 3 billion barrels of oil and 75 trillion cubic feet of natural gas, Apache said in a statement on Wednesday. The asset is in the Delaware Basin, a subsection of the Permian Basin that has been a hotbed of acquisition activity among oil explorers this year.

Apache amassed drilling rights across 307,000 contiguous acres in the region at an average cost of $1,300 per acre, according to the statement. The Houston-based company already has drilled 19 wells in the area and has identified 2,000 to 3,000 more drilling sites.

To accelerate drilling in the discovery, Apache raised its full-year 2016 capital budget by 11 percent to $2 billion, according to the statement. Alpine High will account for about one-quarter of the company’s drilling budget this year.