The Houston-based oil company, Apache Corp reported a net loss of 1.3 billion dollars on Thursday as the impact of tax, gas, and oil property charges, although the company is in the midst of selling its offshore operations.
Despite the company’s pressure from Jana Partners, an Apache activist stated in July its intentions of exiting two projects in Australia and Canada, those which are liquefied natural gas projects. Apache is also assessing the spin-off or sale of its global operations in order to concentrate on drilling in the North American shale shafts.
The company posted a 1.3 billion loss, equivalent to 3.50 dollars per share, compared to the 300 million profit, or 75-cent per share same quarter last year.
Apache generated a 1.38 dollar per share profit, excluding items that are included in the 1 billion dollar write-down of specific gas and oil assets because of low energy costs. Analysts estimated an average profit of 1.38 dollars per share.
The company’s overall gas and oil output for the quarter be around 637,000 barrels of oil equivalent per day or ‘boepd’, compared to the 784,000 ‘boepd’ last year.
Apache said it is now expecting its North American liquid production for 2014 to meet the estimated growth of between 15% and 18%.
John Birks
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