Apache Corp. (APA) Posts Smaller-than-Expected Q1 Loss

May 7, 2015 8:23 AM EDT

Apache Corp. (NYSE: APA) reported Q4 EPS of ($0.37), $0.20 better than the analyst estimate of ($0.57). Revenue for the quarter came in at $1.82 billion versus the consensus estimate of $1.83 billion.

  • Achieved onshore North American production of 307,000 barrels of oil equivalent (boe) per day exceeding company guidance of 300,000 to 305,000 boe per day
  • Delivered worldwide production of 601,000 boe per day - Realized Permian oil production growth of 7 percent year over year

"During the quarter, we significantly reduced our drilling activity and cost structure in response to the rapid oil-price downturn. Drilling and completion costs across all of our key plays in North America onshore are down between 20 and 40 percent from those we provided in our North American Update last November. Operationally, I am pleased to report that North American onshore production exceeded our first quarter guidance despite a substantial reduction in well completions and the adverse impacts of severe winter weather in the Permian and Anadarko Basins. Internationally, production in both Egypt and the North Sea is tracking ahead of our initial expectations," said John J. Christmann, IV, Apache's chief executive officer and president.

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

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