Apache Q2 Earnings Surge, Adj. EPS Meets View - Quick Facts

(RTTNews) - Apache Corp. (APA), an oil and gas exploration and production company, Thursday said earnings for the second quarter surged to $1.02 billion or $2.54 per common share from $337 million or $0.86 per common share in the previous year.

Adjusted earnings were $801 million or $2.01 per share, while it totaled $821 million or $2.07 per share last year. On average, 31 analysts polled by Thomson Reuters expected earnings of $2.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues climbed to $4.383 billion from $3.972 billion in the prior year. Analysts expected revenues of $4.28 billion.

North American onshore liquids production increased 42 percent to 175,000 barrels per day. Apache's hydrocarbon production during the quarter included 45 percent crude oil and 9 percent natural gas liquids. Due to the premium prices received for crude oil compared to natural gas, liquids contributed 81 percent of the company's revenue during the period.

Worldwide, Apache received an average price of $97.93 per barrel of oil, compared to $97.66 per barrel in the same period of the prior year.

Apache also announced seven new oil and gas discoveries in Egypt, located in four geologic basins and six different concessions.