Apache Corp. Q4 Adj. Profit Declines - Quick Facts

(RTTNews) - Apache Corp. (APA) reported adjusted fourth-quarter income per share $0.08 compared to $0.31, a year ago. On average, 26 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.06, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter revenue declined to $1.70 billion from $1.77 billion, previous year. Analysts expected revenue of $1.61 billion for the quarter.

Fourth-quarter reported production was 487,000 barrels of oil equivalent (BOE) per day; adjusted production was 430,000 BOE per day, exceeding the high end of the company's guidance by 5,000 BOE per day.

"During the fourth quarter, our Permian region delivered the highest oil production in company history at 103,000 barrels per day and exceeded guidance," said John Christmann IV, Apache's CEO.

In 2020, Apache Corp. plans to invest $1.6 billion to $1.9 billion in upstream oil and gas capital, which, at the midpoint, represents a 26% reduction from 2019. The company does not anticipate increasing capital investment above $1.9 billion. The 2020 capital budget is projected to deliver flat to low single-digit total company oil production growth on an adjusted basis.

Shares of Apache Corp. were up 2% after hours.