Apache Corp. (APA) Misses Q1 EPS by 19c; to Divest $4B of Assets, Plans 30M Buyback

May 9, 2013 8:07 AM EDT
Apache Corp. (NYSE: APA) reported Q1 EPS of $2.02, $0.19 worse than the analyst estimate of $2.21. Revenue for the quarter came in at $4.08 billion versus the consensus estimate of $4.31 billion.

Apache also announced a plan to divest $4 billion in assets by year-end 2013. The company intends to use initial proceeds of $2 billion to reduce debt and enhance financial flexibility. Additional proceeds are intended to be used to repurchase approximately $2 billion of Apache common shares under a 30-million-share repurchase program authorized by the Board of Directors.

For earnings history and earnings-related data on Apache Corp. (APA) click here.

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