Apache: 2Q Earnings Snapshot
HOUSTON (AP) _ Apache Corp. (APA) on Wednesday reported second-quarter net income of $195 million.
The Houston-based company said it had profit of 51 cents per share. Earnings, adjusted for non-recurring gains, were 50 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The oil and natural gas producer posted revenue of $1.93 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.76 billion.
Apache shares have climbed slightly more than 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. In the final minutes of trading on Wednesday, shares hit $44.94, a fall of roughly 8 percent in the last 12 months.