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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
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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.

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