Apache Slips To Loss In Q2 - Quick Facts

(RTTNews) - Apache Corp.(APA) reported a second-quarter 2015 net loss attributable to common shareholders of $5.60 billion or $14.83 per share, compared to net income of $505 million or $1.31 per share in the same quarter last year.

The latest-quarter result included an after-tax ceiling-test write down of $3.7 billion resulting from low commodity-price levels and $1.9 billion of other items, mostly after-tax losses and tax expense associated with the company's assets sold during the quarter.

When adjusted for certain items that impact the comparability of results, Apache's second-quarter net income totaled $82 million, or $0.22 per share.

Apache received $5.7 billion in proceeds during the second quarter from the sales of its LNG interests and oil and gas properties in Australia and Canada, of which a portion was used to repay $2.7 billion of outstanding commercial paper and short-term credit facilities. At June 30, Apache's long-term debt was $9.7 billion, and cash was approximately $3 billion.

The company said it has excellent liquidity with low-cost, short-term borrowing capacity of $3.5 billion under its commercial paper program, which is supported by a senior credit facility that now extends through June 2020.

Revenues and other fell to $1.977 billion from $3.289 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.26 per share and revenues of $1.86 billion. Analysts' estimates typically exclude special items.

The company said it raised its full-year 2015 North American production guidance to 305,000 to 308,000 boe per day and updated its International and Offshore production guidance to a range of 164,000 to 168,000 boe per day. It also tightened its 2015 capital-budget guidance range from $3.4 billion to $3.9 billion to $3.6 billion to $3.9 billion.