U.S. oil and gas producer Apache Corp. reported a better-than-expected quarterly profit on Feb. 27, as the company benefited from a rise in production from its shale assets in the Permian Basin.
Production at the largest U.S. oil field and the center of the country's shale industry rose 33% to 235,936 barrels of oil equivalent per day (boe/d) in the fourth-quarter ended Dec. 31.
Apache, which also operates in the Anadarko and Eagle Ford shale basins, said total production rose 10% to 482,298 boe/d in the quarter.
Excluding certain items, the company earned 31 cents per share, beating the average analyst estimate of 24 cents, according to IBES data from Refinitiv.
The Houston-based company said net loss attributable to shareholders was $381 million, or $1 per share, for the quarter, compared with a net profit of $456 million, or $1.19 per share, a year earlier.
Revenue rose 11 percent to $1.77 billion.
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The offshore development is in China's Bohai Bay and is expected to reach peak production of 15,681 bbl/d of crude oil in 2022.