Newspaper article THE JOURNAL RECORD

Apache Posts Third Quarter Earnings of $30.8 Million Production and Cash from Operations Reach Record Levels

Newspaper article THE JOURNAL RECORD

Apache Posts Third Quarter Earnings of $30.8 Million Production and Cash from Operations Reach Record Levels

Article excerpt

HOUSTON (JR) -- Apache Thursday reported that record oil and gas production contributed to third quarter net income of $30.8 million, or net income per share of 34 cents.

The higher volumes offset the impact of a $2.77 decline in Apache's average oil price realization, enabling the company to match third quarter 1996 earnings of $30.1 million, or 34 cents per share.

Cash from operations increased 11 percent to a third-quarter record at $142.3 million, up from $128.1 million in the comparable 1996 quarter, while revenues rose 14 percent to $276.7 million, up from $242.4 million. For the first nine months of 1997, net income of $109.4 million reflected a 56 percent increase from the $70.2 million reported in the first nine months of 1996. Net income per share in the first nine months rose 46 percent to $1.21, up from 83 cents in the comparable 1996 period. Cash from operations reached a nine-month record at $442.8 million, representing a 30 percent increase over the $340.7 million reported in the first nine months of 1996. Liquid hydrocarbon production (crude oil, condensate and natural gas liquids) averaged a record 68,937 barrels per day in the third quarter, up 21 percent from 57,010 barrels per day in last year's third quarter. It was Apache's sixth consecutive quarter of increased oil production. Daily gas production rose 11 percent to an all-time quarterly high of 620 million cubic feet (MMcf), up from 561 MMcf in the third quarter of 1996. This marks the fifth straight quarter that the company's daily gas production has increased. Apache realized an average natural gas price of $2.05 per thousand cubic feet (Mcf), up five percent from $1.95 per Mcf in the third quarter of 1996. The company's crude oil price averaged $18.48 per barrel in the third quarter, a 13 percent decline from the year- earlier level of $21. …

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