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Apache reports $51M loss but still beats Q1'20 estimates from SNL Energy Finance Daily Apache reports $51M loss but still beats Q1'20 estimatesByline: Mark Passwaters Apache Corp. reported May 6 an adjusted net loss of $51 million, or 13 cents per share, for the first quarter of 2020. That was down from adjusted net income of $38 million, or 10 cents per share, in the first quarter of 2019 but topped the S&P Global Market Intelligence consensus earnings estimate of a 32-cent loss per share. In its quarterly earnings release, Apache said it suffered a net loss of $4.62 billion, or $12.23 per share, on a GAAP basis, compared to the $2 million loss reported in the first quarter of 2019, or a loss of 1 cent per share. Apache reported average production of approximately 423,271 barrels of oil equivalent per day in the first quarter, down from 436,713 boe/d reported in the first quarter of 2019. The company reported average oil production of more than 96,000 barrels per day from the Permian Basin, but said those numbers would decline in response to weak prices. "Following the significant drop in oil prices in early March, Apache decided to reduce its rig count to zero in the Permian. The company is down to one rig in the Delaware Basin, which is currently finishing its last well," Apache said. President and CEO John Christmann said Apache had taken "several decisive actions" to preserve the company's financial strength during the oil price collapse, including reducing its planned 2020 capital program, reducing its dividend and increasing its hedged production. "We ... conducted a thorough economic and operational evaluation of all producing wells across the company to inform the methodical and targeted approach we are taking to production curtailments and shut-ins in this price environment. I am confident these comprehensive steps will enable us to minimize the cash flow impacts of this distressed and volatile price environment," Christmann said. |
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