Apache Posts Q1 Loss - Quick Facts

(RTTNews) - Apache Corp. (APA) reported a first-quarter 2015 net loss attributable to common shareholders of $4.65 billion or $12.34 per share, compared to net income of $236 million or $0.60 per share in the prior year.

The latest-quarter results included an after-tax ceiling-test write down of $4.7 billion, as a result of substantially lower commodity prices. When adjusted for certain items that impact the comparability of results, Apache's first-quarter 2015 loss totaled $139 million or $0.37 per share. Analysts polled by Thomson Reuters expected the company to report a loss of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues and other for the quarter dropped to $1.818 billion from $3.675 billion in the prior year. Wall Street expected revenues of $1.81 billion for the quarter.

Apache said it remains on track to meet its 2015 capital-spending guidance for North America of $2.1 billion to $2.3 billion and continues to project relatively flat pro forma production volumes in North America compared to 2014.

The company lowered its 2015 international capital-spending guidance to between $1.3 billion and $1.6 billion. This reflected a $150-million reduction from the midpoint of the prior range driven by the pending Australian asset sale expected at mid-year. Apache anticipates combined production from Egypt and the North Sea will increase slightly year over year, which is essentially unchanged from its prior international production guidance.