Thursday, May 3, 2012

Apache Reports Strong First Quarter Results as Record Production Leverages Higher Oil Prices

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Apache Corporation (ticker APA) reported record worldwide production in the first quarter of 2012 as the company benefitted from higher prices for oil and natural gas liquids and its balanced approach helped it weather the continuing deterioration of North American natural gas prices. Daily production increased 7 percent over the same period the prior year, adjusted for dispositions.

Worldwide production was 769,000 barrels of oil equivalent (boe) per day, compared with 732,000 boe per day the same period the year before. Last year's total included 11,000 boe per day from certain assets in Canada and East Texas that were sold in the second half of 2011. U.S. liquids production reached 148,000 barrels per day, representing an 11 percent increase over first quarter 2011 results, as global liquids production rose 6 percent over the same period.

Apache reported earnings of $778 million, or $2.00 per diluted share, for the three month period ending March 31, 2012, reflecting the impact of a $390 million non cash, after tax reduction in the carrying value of its oil and gas properties in Canada stemming from lower North American natural gas prices. For the same period last year, Apache reported earnings of $1.1 billion, or $2.86 per diluted share.....Read the entire report at ApacheCorp.com

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