Apache: 4Q Earnings Snapshot
HOUSTON (AP) _ Apache Corp. (APA) on Wednesday reported a loss of $2.98 billion in its fourth quarter.
The Houston-based company said it had a loss of $7.89 per share. Earnings, adjusted for non-recurring costs, were 8 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The oil and natural gas producer posted revenue of $1.7 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.61 billion.
For the year, the company reported a loss of $3.55 billion, or $9.43 per share, swinging to a loss in the period. Revenue was reported as $6.41 billion.
Apache shares have decreased 4.5% since the beginning of the year, while the Standard & Poor’s 500 index has declined 3.5%. In the final minutes of trading on Wednesday, shares hit $24.44, a decline of 26% in the last 12 months.