Apache Corp. (APA) Tops Q2 EPS by 2c

July 31, 2014 8:07 AM EDT

Apache Corp. (NYSE: APA) reported Q2 EPS of $1.67, $0.02 better than the analyst estimate of $1.65. Revenue for the quarter came in at $3.48 billion versus the consensus estimate of $3.64 billion.

"Record-setting performance by our Permian Region continues to drive strong results for the company," said G. Steven Farris, chairman, chief executive officer and president of Apache. "Apache's onshore North American liquids production increased 18 percent on a pro forma basis in the second-quarter 2014 compared with the same period a year ago," he said.

"We are excited about our initial results in emerging plays in the East Texas Eagle Ford and Canyon Lime in the U.S., and the Montney and Duvernay in Canada," Farris said. "We continue to broaden and advance our compelling North American onshore portfolio.

"During the quarter, Apache took additional steps in focusing on North American onshore liquids growth by completing the sale of the non-producing Lucius and Heidelberg deepwater developments and divesting selected, primarily gas-producing properties in western Canada and South Texas. This brings our divestments over the last year to $10 billion," he said.

Net cash provided by operating activities totaled approximately $2.3 billion in second-quarter 2014, compared with $2.8 billion in the prior year.

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

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