Apache reports $5.6 billion loss - hurt by oil-price slump

Aug 06, 2015 12:00 AM

Apache Corp on Thursday reported a nearly $6 billion quarterly loss as a slump in oil prices led the U.S. energy company to write down the value of some assets.

Growing inventories and worries about demand from China and other countries have prompted a more than 50 percent slide in crude prices from a year earlier, a decline that has affected the book value of Apache's oil and gas properties and cut into cash flows.

The Houston company posted a second-quarter loss of $5.6 billion, or $14.83 a share, compared with a year-earlier profit of $505 million, or $1.31 per share.

Excluding a $3.7 billion writedown of assets and other one-time items, Apache had a per-share profit of 22 cents. Analysts on average had expected a loss of 26 cents per share, according to Thomson Reuters I/B/E/S.

Apache, which previously announced a 60 percent decrease in 2015 capital expenditures, said it was raising the low end of its spending forecast to $3.6 billion from $3.4 billion. It kept the high end at $3.9 billion.

Total oil and gas output averaged 564,000 barrels oil equivalent per day, down 4 percent from a year earlier.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« October 2019 »
October
MoTuWeThFrSaSu
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31

Register to announce Your Event

View All Events