Apache Earns $612 Million or $1.83 Per Share in Third Quarter

Source: www.gulfoilandgas.com 10/25/2007, Location: North America

Apache Corporation reported that record oil and gas production revenues fueled record cash flow and third-quarter earnings of $612 million, or $1.83 per diluted common share. Excluding a non-cash charge of 34 cents per share -- primarily related to the impact of foreign currency fluctuations on deferred tax balances -- Apache's adjusted earnings were $2.17 per share.

Apache's third-quarter adjusted earnings were 23 percent above third-quarter 2006 adjusted earnings of $1.77 per share. Before adjustments, Apache earned $646 million or $1.94 per share in the prior-year period.

Cash from operations before changes in operating assets and liabilities totaled a record $1.6 billion, up 25 percent from the year-earlier period. Oil and gas revenues increased 21 percent to $2.5 billion in the third quarter.

"Apache's strong third-quarter results demonstrated the value of our uniquely balanced portfolio," said G. Steven Farris, president and chief executive officer. "With world oil prices strengthening and North American gas prices declining from the second quarter to the third, Apache's liquid hydrocarbon production -- about half of our volumes -- accounted for two-thirds of our revenue."

Apache received $70.43 per barrel of oil in the third quarter, up 10 percent from the prior-year period and the second quarter; and $4.99 per thousand cubic feet of gas, up 3 percent from the year-earlier period and a 9 percent drop from the second quarter.

Apache's production totaled 561,412 barrels of oil equivalent (boe) per day during the third quarter, up 9 percent from the prior-year period and down slightly from the second quarter of 2007. Excluding the impact of previously announced maintenance turn-arounds in the North Sea, Apache's production was in line with its record in the second quarter of 2007. Liquid hydrocarbon production totaled 263,965 barrels per day while natural gas production averaged 1.78 billion cubic feet per day.

"We remain on track to achieve the top end of our targeted range of 9-12 percent production growth in 2007," Farris said. "We expect a strong finish to the year in every financial and operational aspect.

"Apache's evolving high-impact exploration portfolio in our core growth areas of Australia, Canada and Egypt resulted in two natural gas discoveries in Australia and a gas/condensate discovery in Egypt," he said. "In Canada, we continued to add acreage to our British Columbia shale resource play, where we now control about 400,000 gross (200,000 net) acres. We plan to test the economic viability of this play in earnest during our winter drilling campaign.

"With six development projects under way that we expect will add 108,000 boe per day over the next three years, Apache has a resource base that is capable of delivering strong growth through the end of the decade," Farris said.


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