Seeking Alpha

Apache -2.2% as Q4 profit slides on weaker production

  • Apache (APA -2.2%) reported lower than expected Q4 earnings as its output declined sharply due to asset sales and a frigid winter in the U.S.
  • Q4 production averaged 688K boe/day, much lower than the 800K boe/day in the year-ago quarter; APA warned of weak output in January, saying that a severe winter had hurt production at operations in Oklahoma, Texas and New Mexico.
  • Estimated proved reserves totaled 2.65B boe at year-end 2013, replacing 180% of annual liquids production but overall reserves dropped 7% on asset sales.
  • Mizuho says APA's deal to sell its operations in Argentina to YPF for $800M was less than expected but a short-term positive since it means more capital can be aimed at the onshore U.S. (Briefing.com)
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Comments (1)
  • Maobama
    , contributor
    Comments (427) | Send Message
     
    Is there anything left for investors to say about APA? It's been 5+ years of absolutely nothing.

     

    This company simply fails to perform for shareholders.

     

    Crude up. APA down

     

    Natural Gas up. APA down.

     

    S&P 500 up. APA down.

     

    Peer group up. APA down.
    13 Feb 2014, 01:28 PM Reply Like
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