Have you been eager to see how U.S. energy firm Apache Corp. (NYSE:APA) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Houston, TX-based company’s earnings release this morning:
About Apache: Apache is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Approximately 72% of proved reserves and 60% of its production comes from North America. Internationally, Apache has core operations in Egypt and offshore U.K.
Zacks Rank & Surprise History: Currently, Apache has a Zacks Rank #3 (Hold) but that could change following its third quarter 2017 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company is on a bit of a slippery surface, having gone past the Zacks Consensus Estimate just once in last four reports resulting in an average negative surprise of 59.09%.
Apache Corporation Price and EPS Surprise
Apache Corporation Price and EPS Surprise | Apache Corporation Quote
We have highlighted some of the key details from the just-released announcement below:
Apache Reports Profit: Earnings per share – excluding one-time items – came in at 4 cents, versus the Zacks Consensus Estimate for a loss of 5 cents.
Revenue Came in Higher than Expected: Revenues of $1,575 million were above the Zacks Consensus Estimate of $1,416 million.
Key Stats: The production of oil and natural gas (excluding divested assets and non-controlling interests) averaged 353,645 oil-equivalent barrels per day (BOE/d) (68% liquids), down 6.5% from last year. Apache’s production for oil and natural gas liquids (NGLs) was 241,722 barrels per day (Bbl/d), while natural gas output came in at 671,533 thousand cubic feet per day (Mcf/d).
The average realized crude oil price during the third quarter was $49.34 per barrel, representing an increase of 11.3% from the year-ago realization of $44.35. Moreover, the average realized natural gas price during the September quarter of 2017 was $2.75 per thousand cubic feet (Mcf), up 6.2% from the year-ago period.
Apache’s third quarter lease operating expenses totaled $358 million, down 6.3% from the year-ago quarter.
Share Performance: Apache has lost 3.9% of its value year to date versus the 5.3% growth of its industry.
Check back later for our full write up on this Apache earnings report later!
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Apache Corporation (APA): Free Stock Analysis Report
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