Apache -2.2% as Q4 profit slides on weaker production

|About: Apache Corporation (APA)|By:, SA News Editor

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)