Apache third quarter net sinks 82% on Canada write down, natural gas prices
BY DEBBIE CAI AND SAABIRA CHAUDHURI
HOUSTON -- Apache third quarter profit plunged 82% as the oil exploration and production company recorded a one-time write down on properties in Canada, while revenue declined as natural gas prices fell. Apache has been acquisitive in recent years, adding mature fields from larger rivals.
Earlier this year, Apache agreed to a $2.85 billion deal for privately held Cordillera Energy Partners, giving it 254,000 acres atop the Granite Wash, doubling its acreage in the energy field.
Production from the Permian Basin and Central regions totaled 183,961 boepd for the most recent period, which includes a full three month contribution from the Cordillera assets acquired vs. 141,020 boepd a year ago.
Chief Executive G. Steven Farris noted the company is continuing to add drilling rigs and accelerate activity in the Permian and Anadarko basins. He said Apache is currently running 56 rigs in these regions with plans to expand throughout next year.
Dow Jones Newswires