Investing.com - Financial Markets Worldwide
🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

UPDATE 1-Apache sets lower 2016 capex, posts smaller-than-expected loss

Published 2016-02-25, 08:45 a/m
© Reuters. UPDATE 1-Apache sets lower 2016 capex, posts smaller-than-expected loss
APA
-

(Adds details)
Feb 25 (Reuters) - Oil and gas producer Apache Corp (N:APA) APA.N
cut its annual capital budget by nearly two-thirds and reported
a quarterly loss smaller than analysts had expected as its costs
fell.
The company set a capital budget of $1.4 billion-$1.8
billion for this year, much lower than the $4.17 billion it
spent last year.
Apache also forecast total proforma production of
433,000-453,000 barrels of oil equivalent per day (boepd),
excluding minority interest in Egypt and tax barrels.
This is 7-11 percent lower than its 2015 proforma production
of 486,000 boepd.
The net loss attributable to Apache's common shareholders
widened to $7.21 billion, or $19.07 per share, in the fourth
quarter ended Dec. 31 from $4.81 billion, or $12.78 per share, a
year earlier.
Excluding writedowns and impairment charges of $5.9 billion,
the company had a loss of 6 cents per share, much smaller than
the average analyst estimate of 48 cents, according to Thomson
Reuters I/B/E/S.
Total revenue more than halved to $1.26 billion.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.