Apache Q3 Loss Narrows

(RTTNews) - Apache Corp. (APA) reported that its third-quarter net loss narrowed to $4 million or $0.02 per share from $170 million or $0.45 per share in the prior year.

When adjusted for certain items that impact the comparability of results, Apache reported a third-quarter loss of $59 million or $0.16 per share. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share. Analysts' estimates typically exclude special items.

Total revenues declined to $1.12 billion from $1.47 billion in the previous year. Analysts expected revenue of $992.3 million for the quarter.

Third-quarter reported production was 445,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 394,000 BOE per day, unchanged from the second quarter.

Looking ahead to 2021, the company anticipates an upstream capital budget of $1 billion or less, which is based on a WTI oil price of approximately $40 per barrel, and a Henry Hub natural gas price of $2.75. In the price environment, the company's capital allocation priorities will be similar to 2020.