Apache Corp. (NYSE: APA) reported Q2 EPS of ($0.26), $0.09 worse than the analyst estimate of ($0.17).

• Transitioned from full-cost to successful-efforts method of accounting to enhance the comparability of Apache's financial results.
• Placed on production several strong wells in key operating areas including the Permian Basin and North Sea.
• Achieved further cost improvements, including a 17- percent year-over-year reduction in lease operating expenses (LOE), which averaged $7.38 per barrel of oil equivalent (Boe).
• Successful-efforts-based financial results were:
  • Net loss of $244 million, or $0.65 per share,
  • Adjusted net loss of $99 million, or $0.26 per share, and
  • Net cash from operating activities of $744 million.
• Results under the full-cost method would have been:
  • Net loss of $601 million, or $1.58 per share,
  • Adjusted earnings of $20 million, or $0.05 per share, and
  • Net cash from operating activities of $781 million.

"Apache's solid second-quarter results are a testament to both the significant progress we have made on our cost structure as well as the strength of our portfolio," said John J. Christmann IV, Apache's chief executive officer and president. "During the quarter, we continued our efforts to reduce costs and improve capital efficiency. Our LOE costs on a Boe basis were down 4 percent from the previous quarter and 17 percent year-over-year.

"Despite an 85-percent reduction in capital investment since 2014, our base production has proven to be very resilient. We sharply reduced activity in the first quarter of 2015 and have continued to reduce spending as oil prices have remained relatively weak. Nevertheless, our production volumes have held up well, and we are on track to deliver production in line with the increased guidance provided last quarter. Although our 2016 capital program is not intended to maximize near-term production, the efficiency and productivity gains we have achieved are clearly demonstrated in our results."

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