Apache Corp. (APA) Tops Q1 EPS by 28c

Apache Corp. (NYSE: APA) reported Q1 EPS of $1.90, $0.28 better than the analyst estimate of $1.62. Revenue for the quarter came in at $3.68 billion versus the consensus estimate of $3.56 billion.

Highlights from first-quarter drilling include:

• Total worldwide net daily production of oil, natural gas and NGLs averaged 640,000 boe per day. Including discontinued operations in Argentina, daily production averaged 672,000 boe per day. Liquids production comprised 58 percent of the total from continuing operations, up from 57 percent for the fourth-quarter 2013.
• The Permian and Central regions increased liquids production 31,000 barrels per day over the prior-year period. Total production from the two regions averaged 239,000 boe per day.
• The Permian Region achieved record production averaging 150,000 boe per day, up 25 percent from the prior-year period. The region averaged 38 rigs in operation during the quarter and spud 202 gross wells (80 horizontals).

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

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