Apache Corp. Posts Q1 Loss - Quick Facts

(RTTNews) - Apache Corp. (APA) reported a quarterly loss of $47 million or $0.12 per diluted common share for the first quarter of 2019. Adjusting for items, first-quarter earnings were $38 million or $0.10 per share. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.12 for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDAX was $1.1 billion, for the quarter.

First-quarter revenue was $1.64 billion compared to $1.75 billion, a year ago. Analysts projected revenue of $1.66 billion, for the quarter.

Reported first-quarter production of 503,000 barrels of oil equivalent (BOE) per day. Adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 437,000 BOE per day, up 19 percent over first-quarter 2018.

"Apache had an excellent first quarter with strong execution, well performance and delivery against our production and capital guidance. We exceeded both our U.S. and international production guidance on a lower than expected capital budget," said John Christmann IV, Apache's CEO.

The company reiterated 2019 production guidance of 6 to 10 percent from fourth-quarter 2018 to fourth-quarter 2019 on an unchanged annual upstream capital program of $2.4 billion.

Shares of Apache Corp. were down more than 4% after hours.