Apache Turns To Profit In Q2, But Results Miss View - Quick Facts

(RTTNews) - Apache Corp. (APA) reported a turnaround to profit in the second quarter as flat revenues were more than offset by lower expenses. However, adjusted loss for the quarter was wider than analysts' estimates and revenues missed their estimates.

For the second quarter of 2017, Apache's net earnings were $572 million or $1.50 per share, compared to net loss of $244 million or $0.65 per share in the year-ago period.

Excluding items, adjusted loss for the quarter was $79 million or $0.21 per share, compared to adjusted loss of $99 million or $0.26 per share in the year-ago period.

Total revenues for the quarter were $1.384 billion, compared to $1.382 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.01 per share for the quarter on revenue of $1.41 billion. Analysts' estimates typically exclude special items.

Operating expenses declined to $1.38 billion from $1.66 billion in the same period last year.

Apache said it expects to complete its previously announced exit from Canada in August.

In addition to the total $713 million sales price, the Canadian exit will result in several important financial benefits. This includes a reduction of approximately $800 million in asset retirement obligations from the balance sheet and positive implications for G&A, average cash margins per Boe, earnings per share, free cash flow and corporate-level returns on capital employed.