Apache Corp. on Aug. 6 reported a nearly $6 billion quarterly loss as a slump in oil prices led the U.S. energy company to write down the value of some assets.
Total oil and gas output averaged 564,000 barrels oil equivalent per day, down 4% from a year earlier.
Growing inventories and worries about demand from China and other countries have prompted a more than 50% slide in crude prices from a year earlier, a decline that has affected the book value of Apache's oil and gas properties and cut into cash flows.
The Houston company posted a second-quarter loss of $5.6 billion, or $14.83 a share, compared with a year-earlier profit of $505 million, or $1.31 per share.
Excluding a $3.7 billion writedown of assets and other one-time items, Apache had a per-share profit of 22 cents.
Analysts on average had expected a loss of 26 cents per share, according to Thomson Reuters I/B/E/S.
Apache, which previously announced a 60 percent decrease in 2015 capital expenditures, said it was raising the low end of its spending forecast to $3.6 billion from $3.4 billion. It kept the high end at $3.9 billion.
Recommended Reading
CAPP Forecasts $40.6B in Canadian Upstream Capex in 2024
2024-02-27 - The number is slightly over the estimated 2023 capex spend; CAPP cites uncertain emissions policy as a factor in investment decisions.
Air Liquide to Add CO2 Recycling at Plant in Germany
2024-02-08 - In a supply agreement, Air Liquide and Dow plan to add a new CO2 recycling solution to two air separation units and one partial oxidation plant.
1 Fatality in Equinor Helicopter Training Accident Offshore Norway
2024-02-29 - Equinor employee died following the helicopter accident, the cause of which has not been reported.
Equinor Resumes Helicopter Flights on NCS Following Fatal Accident
2024-03-01 - Operator also announced it is expanding its helicopter fleet by 15 through contracts with Bell and Leonardo, with the first two helicopters slated for delivery in about a year.
Coalition Launches Decarbonization Program in Major US Cities, Counties
2024-04-11 - A national coalition will start decarbonization efforts in nine U.S. cities and counties following a federal award of $20 billion “green bank” grants.