Apache Posts Loss In Q3, Adj. EPS Matches View - Quick Facts

(RTTNews) - Oil and gas exploration and production company Apache Corp. (APA) reported that the non-cash charges resulted in a third-quarter 2014 net loss of $1.3 billion or $3.50 per share. The company said its quarterly net loss was the result of three non-cash charges such as an $814 million U.S. deferred tax charge related to the company's change in policy and outlook regarding the permanent reinvestment of its foreign earnings; a $249 million income tax expense related to the repatriation of cash from its Egyptian operations during the third quarter; and; a $1 billion after-tax reduction in the carrying value of its oil and gas properties driven by lower oil and natural gas liquids price realizations and the prior announced deep water sale.

The firm made $300 million, or $0.75 per share profit in the prior-year quarter.

Adjusted earnings, excluding certain items that impact the comparability of results, totaled $528 million or $1.38 per share. On average, 30 analysts polled by Thomson Reuters expected earnings of $1.38 per share for the quarter. Analysts' estimates typically exclude special items.

For the quarter, revenues and other declined year-over-year to $3.74 billion from $3.9 billion. Analysts expected revenues of $3.48 billion.