WASHINGTON (dpa-AFX) - Apache Corp. (APA) on Thursday said profit in the first quarter fell from last year owing to a one-time item, even as revenue and production increased from the prior year. The firm confirmed its projected 2012 production growth forecast.
The company reported earnings of $778 million or $2.00 per share for the quarter, down from $1.12 billion or $2.86 per share in the prior year.
The latest results reflected the impact of a $390-million non-cash, after-tax reduction in the carrying value of the company's oil and gas properties in Canada stemming from lower North American natural gas prices.
Adjusted earnings increased to $1.2 billion or $3.00 per share from $1.1 billion or $2.90 per share in the prior-year period.
On average, 29 analysts polled by Thomson Reuters expected earnings of $3.09 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues climbed to $4.54 billion from $3.93 billion in the previous year. Analysts expected revenues of $4.49 billion for the quarter.
Worldwide production increased to 769,000 barrels of oil equivalent per day from 732,000 boe per day in the prior year. Last year's total included 11,000 boe per day from certain assets in Canada and East Texas that were sold in the second half of 2011.
Steven Farris, chairman and chief executive officer, said, 'Apache is off to a strong start with first-quarter daily production growth of 7 percent, adjusted for 2011 asset sales. We expect overall production to continue to grow on the strength of an active worldwide drilling program, including accelerated activity on the 312,000 newly acquired acres in the Anadarko Basin.'
Apache confirmed its projected 2012 production growth forecast of 7 percent to 13 percent from full-year 2011 production levels, after adjusting for divestitures in 2011.
Copyright RTT News/dpa-AFX
© 2012 AFX News
