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LONDON, UK / ACCESSWIRE / April 05, 2018 / Active-Investors.com has just released a free earnings report on Apache Corp. (NYSE: APA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=APA. The Company reported its fourth quarter and full fiscal year 2017 operating and financial results on February 22, 2018. The oil and natural gas producer outperformed top- and bottom-line expectations, and also provided production and capital budgeting guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Apache recorded revenues of $1.59 billion, up 10% compared to $1.45 billion in Q4 2016. The Company's revenue numbers topped analysts' estimates of $1.54 billion.
For the full fiscal year 2017, Apache generated revenues of $6.42 billion, up 20% compared to $5.35 billion in FY16.
Apache reported a net income attributable to common stockholders of $456 million, or $1.19 per diluted share, in Q4 2017 compared to a net loss attributable to common stockholders of $182 million, or $0.48 loss per diluted share, in Q4 2016.
Apache's net income, adjusted for certain items that impact the comparability of results including the impact of the US tax reform, totaled $126 million, or $0.33 per share, in Q4 2017 compared to a net loss of $22 million, or $0.06 loss per diluted share, in Q4 2016. The Company's earnings numbers exceeded Wall Street's estimates of $0.21 per share.
For FY17, Apache reported a net income of $1.30 billion, or $3.41 per diluted share, compared to a net loss of $1.41 billion, or $3.71 per diluted share, in FY16. On an adjusted basis, Apache's net income totaled $92 million, or $0.24 per share, in FY17 compared to a net loss of $430 million, or $1.13 loss per diluted share, in FY16.
During Q4 2017, Apache delivered production of 440,000 barrels of oil equivalent (BOE) per day and adjusted production of 362,000 BOE per day. The Company achieved US production of 222,000 BOE per day.
In Q4 2017, Apache operated an average of 36 rigs, and drilled and completed 87 gross-operated wells worldwide. Apache operated an average of 21 rigs, and drilled and completed 58 gross-operated wells in North America. The Company reported production of 222,000 BOE per day in North America during the reported quarter.
During Q4 2017, in the Permian Basin, Apache operated an average of 16 rigs, and drilled and completed 57 gross-operated wells. The Company's production averaged 177,000 BOE per day in the Permian Basin. In the Midland Basin, the Company placed three multi-well pads on production in the reported quarter.
For Q4 2017, in the Delaware Basin, Apache averaged nine rigs, with six at Alpine High. The Company completed the construction of its fifth central processing unit at Alpine High; bringing the processing capacity to 280 million cubic feet (MMcf) per day, with an additional 50 MMcf per day commissioned in January 2018.
Internationally, Apache operated an average of 15 rigs, and drilled and completed 29 gross-operated wells. The Company reported production of 218,000 BOE per day, internationally, in Q4 2017. The Company completed nine wells with 24-hour initial production rates exceeding 1,000 BOE per day in Egypt.
At the end of the fiscal year 2017, Apache had cash on hand of $1.7 billion, up from $1.4 billion at the end of the fiscal year 2016. During FY17, the Company generated $1.4 billion of proceeds through asset sales, and eliminated approximately $800 million of future asset retirement obligations. Apache's net debt position was $6.8 billion at year-end 2017, down from $7.2 billion at year-end 2016.
During Q4 2017, Apache's net cash provided by continuing operating activities was $668 million. The Company's net cash provided by continuing operating activities was $2.4 billion in FY17.
Apache's Worldwide estimated proved reserves totaled 1.2 billion BOE at year-end 2017, down from 1.3 billion BOE at year-end 2016, primarily as a result of the Company's sale of its Canadian assets during 2017. The Company replaced 124% of production through extensions and discoveries, net of engineering revisions, during FY17. All sources finding and development costs were $11.89 per BOE. Apache's proved undeveloped reserves represented 13% of total proved reserves at year-end 2017.
Capital Budget and Production Outlook
For FY18, Apache is forecasting to invest $3 billion in oil and gas capital, with more than 70% allocated to the Permian Basin. This amount includes approximately $500 million for Alpine High midstream. Internationally, Apache will continue to invest at a level to sustain long-term free cash flow in Egypt and the North Sea.
From 2018 to 2020, Apache expects to invest approximately $7.5 billion in the upstream worldwide and $1 billion in midstream at Alpine High. The Company is anticipating that its returns-focused investment approach will result in a compound annual production growth rate (CAGR) of 11% to 13% worldwide, and generate cash returns on capital invested (CROIC) of 18%, 20%, and 22%, respectively, over the three-year period.
Stock Performance Snapshot
April 04, 2018 - At Wednesday's closing bell, Apache's stock was slightly up 0.50%, ending the trading session at $38.19.
Volume traded for the day: 7.13 million shares, which was above the 3-month average volume of 5.08 million shares.
Stock performance in the last month – up 8.46%
After yesterday's close, Apache's market cap was at $14.55 billion.
Price to Earnings (P/E) ratio was at 10.32.
The stock has a dividend yield of 2.62%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.1% at the end of the session.
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