UPDATE: Apache Posts In-Line Q3 Profit

Apache

posted in-line earnings for the third quarter. The Houston, Texas-based company reported a quarterly loss of $1.24 billion, versus a year-ago profit of $306 million. On a per-share basis, the company lost $3.50, versus a year-ago profit of $0.75. Excluding certain items, the company's earnings declined to $1.38 per share from $2.32 per share. Its revenue fell 19% to $3.47 billion. However, analysts were projecting a profit of $1.38 per share on revenue of $3.48 billion. Pro forma worldwide production averaged 562,000 boe per day, a 6% rise versus the year-ago period. Average selling prices for oil slipped 13%. Permian production rose 23% y/y to 162,000 boe per day. During the third quarter, the company returned capital to shareholders through the purchase of an additional 5.7 million shares of its common stock on the open market. "Our North American onshore regions delivered another strong quarter as we continued to execute our strategy to profitably grow North American liquids production," said G. Steven Farris, Apache chairman, chief executive officer and president. Apache shares fell 2.09% to $73.98 in pre-market trading.