NEW YORK (AP) -- Apache's net income jumped 75 percent in the fourth quarter on rising energy production and prices.
The Houston energy company reported earnings of $1.17 billion, or $2.98 per share, for the three months ended Dec. 31. That compares with $670 million, or $1.77 per share, for the same part of 2010. Revenue increased by 25 percent to $4.3 billion.
Excluding special items, Apache said its adjusted earnings amounted to $2.94 per share in the quarter.
Analysts, who typically exclude special items, had expected earnings of only $2.85 per share, according to FactSet.
Apache boosted oil production by 4.3 percent and natural gas production by 3.2 percent. It sold oil for an average of $102.71 per barrel in the period, up 24 percent from the same part of 2010. Natural gas sold for an average of $4.18 per 1,000 cubic feet, up 3 percent from the prior year.
For the full year, Apache said it earned $4.5 billion, or $11.47 per share, compared with $3 billion, or $8.46 per share, for 2010. Annual revenue increased by 40 percent to $16.9 billion.
The company ended 2011 with proven reserves of 3 billion barrels of oil equivalent, up 1 percent from 2010.
There may have been some profit-taking by investors in early trading Thursday. Shares, which have risen 17 percent since the start of the year, gave up more than 1 percent, or $1.65, to $106.02 before noon, despite strong earnings.
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