Apache posts higher 3Q profit on production gains

Apache says 3Q profit rose as production increased; sees international as source for growth

Associated Press

HOUSTON (AP) -- NEWS: Oil and natural gas producer Apache Corp. said its third-quarter earnings soared as production rose in North America.

DETAILS: Apache said overall volume grew to 1.8 percent to 784,331 barrels of oil equivalent per day. Growth was held back by a 6 percent decline in international volume. North American volume rose 8.1 percent.

NUMBERS: Apache earned $300 million, or 75 cents per share, for the quarter that ended Sept. 30. That was up from $161 million, or 41 cents per share, during the same period last year. The company said its adjusted profit would have been $2.32 per share in the most recent quarter. Apache's results included a $422 million loss on derivatives. Analysts surveyed by FactSet were expecting a profit of $2.16 per share on revenue of $4.29 billion. Apache's oil and gas revenue rose 6.5 percent to $4.41 billion, from $4.14 billion a year earlier.

FUTURE: Apache said its international operations "will be the primary source of excess cash flow to fund our next growth cycle" in the future.

STOCK: Up 32 cents to $88.77 in afternoon trading. Earlier in the day they were at $91.10, near their 52-week high of $91.65. Its shares are up more than 13 percent so far this year.

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